It's just the beginning for Spenda!, page-5579

94% ARR is BS. Revenues is all lending, not Saas. You expect 100% "ARR" on lending...

We should be expecting 100% "ARR" on lending revenues, ie pretty much all of last 4C, plus the revenues on payment flows announced in March. Difficult to know how $150mio payment flows translate in revenues. Top line likely about 1.5%, so 1.5% x 150mio / 4 = about $560K. But we have no idea how much of that they will pay to Mastercard/VISA/Fiserv and partners.

This 4C will tell us whether the March "announcement" was yet another BS, and if not, how much of the revenues from payment business they will retain. Oh yeah, and they got to give an update on lending capacity aka DW. And a bonus if they have managed to reduce costs... It will also give us a good indication on the runway to the next CR.