Do you read the updates? Their largest quarter is the end of the calendar year and from memory, they expect to do 50%+ of their annual revenue in that quarter.
It's only in the last 3-6 months that Buddy has:
- unlocked vastly better financing for getting production to scale;
- gotten closer to addressing the vendor financing and mixed-supply chain issues with Eastfield (with no a potentially reduced purchase price);
- fixed the very margin issues which Lifx had been using only to scale (i.e. growing revenue 70% YOY but losing money like a sieve) and sell.
I don't know how you're coming up with the market cap you're quoting, noting as well that the managed services business have much higher margins than the lighting.
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