If your final measurement of the relationship is based on the first couple of 4Cs from the very first (limited release) product then you are guaranteed to be disappointed and angry. OBJ gets notified of product units sold 45 days after the quarter as they mentioned for the first time (confirmed by the way) in this 4C. It is literally very early days in terms of reporting revenue.
Wave II gets released very soon which is targeting additional markets. Eventually you will have range of products in multiple market segments. OBJ do not control the marketing but obviously over a number of quarters with multiple products you have much clearer picture of product sales and revenue growth.
Until you reach this stage, the 4C can be quite a misleading indicator. P&G's marketing and sales strategy is not linear for any given product. In certain months they might heavily push a product in a certain segment, in others not.
You are tired of joining dots but OBJ is clearly one of those dots. P&G have no intention of telegraphing their moves. However, the new Singapore digital innovation centre was launched a couple of weeks ago, and just a week after OBJ announce the second technology agreement. More products in more segments.
I'm in OBJ because they continue to expand with P&G. In this context, the most recent 4C is simply not a fair reflection of the nature of the relationship.
What is clear, however, is that a number of holders believe the 4C was evidence of total failure of the company, or they cannot wait for OBJ to reach 'critical mass' in terms of products in the market. The share price is therefore crap.
I look forward to the focus returning to the expansion of OBJ. Increasing revenue is the by-product of this expansion. In the meantime, the retail sentiment is providing a much lower entry point into the stock than many would have expected. No institutions have sold out and I would expect them to increase their holdings as this sentiment gets flushed out.
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