Ann: 1Q 2025 Trading Update, page-15

We have a contender for the #1 fanboy position!

Brownie point for rehashing FDV management cherry picked data - Total Centrify vs Iris revenue 1Q24 vs 1Q25.

Did you check if the revenue transfer story stack up for any other duration?

3Q - 2Q24 vs 1Q25
- Centrify revenue down $1.2m
- Iris revenue up ~$123k
--> NO

2Q - 3Q24 vs 1Q25
- Centrify revenue down $400k
- Iris revenue up ~$200k
--> NO

1Q - 4Q24 vs 1Q25
- Centrify revenue down $300k
- Iris revenue up $70k
--> NO

If you believe that the transfer of revenue is happening then Iris revenue would have to go up by 60% in one quarter for 2Q25...



In my previous post I specifically compared InfoCasas and not the aggregate Iris and Centrify revenue.
I find it more relevant since this business generates the lion share of both.
As our ardent cheerleader @Friendsandco wrote in a post from last quarter presentation:"Infocasas proving to be a tech and operation test bed for the transaction based model that will flourish in the many months ahead.".
Somehow it turned out to be the ONLY business which reported a sharp decline in revenue for the second quarter in a row.





In the last quarterly presentation we were to believe that the turnaround was already happening with "already demonstrated strong traction with lead conversion rates of 5%"...




So does the revenue transfer story stack up for InfoCasas?

1Y - 1Q24 vs 1Q25 - NO
- Centrify revenue down $700k
- Iris revenue up ~$82k
--> No

3Q - 2Q24 vs 1Q25
- Centrify is down $1.2m
- Iris is down as well $19k
--> No

2Q - 3Q24 vs 1Q25
- Centrify revenue down $700k
- Iris revenue up ~$16k
--> No

1Q - 4Q24 vs 1Q25
- Centrify revenue down $200k
- Iris revenue up $61k
--> No

That's quite a shortfall.

My conclusion is that Iris 2.0 is a furphy/disaster just like the investment thesis for this stock (the next REA!), the Zameen IPO, the LATAM listing of Nasdaq, etc...

I have been highlighting FDV management deceiving (but surprisingly effective) presentation skills for the past couple of years.
But I can't force blind shareholders to see.