Unfortunately I'm out after 5 years holding on to the stock. My hopes were peaked in Q4 FY20 and Q1 FY21 when things were looking rosy and had good momentum where I was expecting at least $10m revenue for the Escrow business due to the Ebay partnership in the first half of 2021 but that disappointed.
Their powerpoint presentations are always the exact same where they promote their Airbus partnership but Airbus hasn't posted a contest in a very long time, so I'm not sure why they're boasting about that. The completed jobs they've promoted in the powerpoint is pretty much the same and it's as if they have nothing else to promote.
They dribble on and on about their Enterprise agreements and tell us they're working with large conglomerates and governments but their revenue in this area halved, granted this can be lumpy since some of this is one of costs to develop systems. Even with the Deloitte partnership and Arrow partnership this hasn't gone anywhere in terms of revenue.
As much as we see ridiculous GMV and GPV growth rates this hasn't translated into revenue. You don't pay the bills and your people with GMV and GPV, you pay through the money coming in the door, which is revenue.
People have also noted the management level turnover and it shows in the presentation, half the team in the Enterprise division and Escrow part of the business has left from the previous year.
When I assess the actual market it looks quite bleak. Matt has previously defended his company saying he's building for the long term like Amazon did, but he's no Bezos.
Their business is a website for Freelancers, which has no real moat and is dwarfed by their US competitors (Fiverr and Upwork). The Escrow business is niche in that it facilitates transactions between two unknown parties, you can't really do too much outside of this like facilitate day-to-day and/or low cost transactions. When you're using Escrow it's not usually something you repeat e.g. how often are you buying a website for your business or how often after you buying a 2nd hand car or watch?
I could go on and on about this business due to the frustration over the last 5 years but I think now is time to put the money into better opportunities.
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