2023 REALITY: 19.6m in rev, up 19% YoY. 2.5m loss, an increase from last year. 1.1m negative cash flow.
But as usual, Tailwinds! CAGR! Partnerships! Future Contracts! Defense Industry!
These colorful Power Points I've been reading for going on 4 years now are always the same. You'd think this company was killing it. 138% increase in Snare Subscription Growth! (Sounds amazing until you realize that Snare wasn't offered as a subscription until recently, so at one point 1 Snare subscription would be 100% growth).
It's funny how the math works. 4.2m in new eMite sales (1st year contract value) and 5.3m in Snare sales. So that's 9.5m in new '23 sales, and yet the increase in revenue from 22 to 23 is only 3.2m. How does that work? I know, I know, revenue recognition, billing cycle, but wasn't it the same last year? When do we get that big revenue jump? Profit? Positive Cash Flow? I'm sure it all works out.
Well, as I've posted in the past, 2024 is the Show Me year for me. Either some of these big defense contracts they've been talking about for years, or some of these new partnerships or sales channels actually pan out or I'm moving on (maybe this big Euro food delivery service?) As Brad has said, no one is interested in a small tech business. And as I say, No one is interested in a small tech business that is losing money AND growing revenue modestly.
Just my opinion.
Optimistic enough to still be hold ...
PRO Price at posting:
56.5¢ Sentiment: Hold Disclosure: Held
