I'd never heard of Icetana before yesterday, only noticing it...

I'd never heard of Icetana before yesterday, only noticing it when it had the huge move up. Looking through their previous 4Cs, can't say it's a thrilling financial picture. Not complete, but my first pass.


Revenue over the last 2 years has clearly been lumpy, but their dependency on raising cash via issuing equity is concerning. Near zero debt is great, but their staff costs are also insane when looking at their revenue.

Of note, the joint program with SoftBank is likely to accelerate the R&D spend IMO, even with the $1m in revenue. Management have reported this $1m over 3 years as about $300k per year, however, it is actually over 4 years. Naughty.

This agreement can be terminated after the first 12 months, with 40 days' notice. The fact that SoftBank offering '50-day free' to new customers is also strange to me when they are splashing out cash to Icetana. It will be confirmation that Icetana provide reliable value if this deal continues on in 12-months' time IMO.

Anyway, just my first pass read of the available numbers + the recent deal. Interested to hear others read on this company.