I think your post is a good read although lm puzzled. The T/O or revenue appears erratic, the $ 2.4m being stagnant is absurd, its positioned for growth not procrastination. Your $5m is conservative I believe. Consider,
We already are aware that through March the PPI revenue was turning weekly, so 4 weeks of $1.4m is $5.6m for March let's say they did nothing in Jan, Feb, so $5.6m min. We also know the core transaction business is running at circa $2.2m per Q, this not accounting for for growth of 11% to 20mpm up from 18mpm. That's $7.8m. The P/E is a profit metric appears extreme at 25 given the low % profit margins ld rather depend on 12 for clarity and account for risks. We still have $55m cash at last count too.
Anyhow, let's talk of potential,
What is unknown is PPI growth, Philippines, lndonesia, bnpl, consumer loans, launch numbers ready for hard launch, non-released new partnering, onboarding of unbanked, update on rollouts with [ipay88, easystores, terminal uptakes (noting the Collectively ~50k merchants)] and so much more.
4c should interesting for sure, and we will see the figures to close the speculation.
My musings only, not financial advice just opinion.
(20min delay)