“Fanning discontent on HC does not help anyone and just adds no value at all.” Really?? Perhaps it helps people realise what type of management you are investing in. The Lifx acquisition was sold to shareholders based on the 70-100% yoy revenue growth. That would bring sustainable profitability. Thats turned to crap.
Ohm we were told was the greatest thing since sliced bread. DM in private sending photos of cork popping celebrations with Bells brokers for deals that never happened! Lets be clear, DM has caused people significant financial loss through deceitful and misleading claims. Blame the ohm sales team, sack them, when in reality the product they were tasked with selling was a lemon. Offering 60 day free trials was a sure way for customers to see it didn’t work. The whole time DM was telling the market their uptake rate was incredible. The revenue never supported this claim. Two years later we wait for Ingram Canada to sell their first ohm! $20m minimum contracted revenue from that we were told. Now DM ends all his reports with “can be cancelled at any time with 30 days notice and no penalty.” Where was that with the $69m of revenue!!??
Let’s see how everyone reacts to the qtrly results when we see around 30% growth for the year. Miles away from what DM said justified the acquisition at $70m and still leaving significant uncertainty about the ability for this company to operate through to March 2020. Sack him before he’s voted out...
BUD Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
