Had a first glance this morning and here is my take...
- Revenue would have been $1.05M if THOR had full 3-months billing which is 40% QoQ growth so they seem definitely on track. Temporary loss of one month of THOR appear worthwhile and we should know in few weeks what new deal looks like.
- This growth is particularly impressive considering there are no large scale deal signed in this period. This tells me the traction is building nicely and since nearly 36% sites are with multi-site vendors and growing and up-sell rate impressively growing with repeat customers buying more is a clear validation of market demand for BUD's offering
- The commentary on large tenders/bids appear more measured, assured. This was wishy-washy 6 months ago. Time will tell if and when these big jumbos would land
I will stick to my original assessment after July Qtrly which is, they are 6-9 months behind on that J curve we all hoping for. But momentum is building nicely and as long they continue to sell more OHMs at 30-40% QoQ with few whales closing in, I am OK to HOLD.