Indeed! The onboarding of Government agencies has been a much slower process than I expected and the company initially indicated? 15k were onboarded over FY24, and they seem to be slowing (Q1 6k, Q2 3k, Q3 4.5k, Q4 1.5k). My notes from the last call they did (1 May 2023) suggested June and December were the peak periods for onboarding? Not the case in FY24.
Anyhow, hard to sell at these prices, almost breakeven and trading on an Mkt cap/ARR of 1.5x with further onboarding likely in FY25, but communication outside of the quarterly's has been poor of late.
8CO Price at posting:
3.3¢ Sentiment: Hold Disclosure: Held
