Here's an ultra brief summary of the Updater quarterly update. Overall they appear to be doing very well. They expect FY20 Rev to be in the range of US$70m - US$72m (up from previous estimate). They will be launching a couple of new product releases over the next few months that should see a significant increase in their customer reach. All existing engagement and conversion rates are up. Cash is around US$32m. Company was cashflow positive and EBITDA positive in Q3.
Updater have also invested US$500k in an early staged company, WattBuy, which is an online Energy marketplace. Updater are also looking at listing on the NASDAQ at some stage in 2021 or 2022. They are considering a SPAC merger to do this, or a traditional IPO. The TRANSCOM military move contract is still up for grabs, after a successful protest. There are 3 groups in the running, with presentations to be given in January 2021 and the final decision to be made around June 2021.
UPD Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
