The investment case is "hope for M&A or an MB intervention in...

The investment case is "hope for M&A or an MB intervention in the stock price".

2Q24 numbers for marketplace are $USD6.3M, which is basically 2014 level revenue for FLN (given that Freightlancer wasn't folded in at that point).

They're also in bad shape on the balance sheet. $34M of "intangibles" including goodwill from acquisitions that's never been marked down (some of that goodwill dates back to 2009!). They couldn't pay out their user obligations if they wanted to (unlike FVRR and UPWK, who specifically cover assets to cover user obligations). I'm surprised that they were able to attract a new director, but I guess Patrick can't be faulted for a situation that existed before his tenure.

MB is too busy writing rambling essays on Medium to notice that his "growth company" hasn't grown in a decade.