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Hi jib Firstly, not all of it is Buddy Ohm, they had signed...

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retiredyoung

8,751 Posts.

782

28/07/17

19:22

Post #: 26150751
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Originally posted by jib ↑

Really exciting update on many fronts.

I presume the $22m will be locked for first year only and not necessarily recurring?

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Hi jib

Firstly, not all of it is Buddy Ohm, they had signed contracts of A$2.14M before Buddy Ohm and this amount has probably increased ?

My understanding is that the Buddy Ohm contracts are multi-year and that the contract converts into a paid contract at the conclusion of a trial period. Some may not go ahead after the trials.

BUD stated:

In all but a few cases, customers are electing to install Buddy Ohm on a 30-day trial basis, which converts into a paid contract at the conclusion of that 30 day period (unless the customer has declined to continue service, at which point we retrieve the hardware and deploy it to our next trial in the queue). Such trials are standard practice in this industry and very few customers are willing to try a new product with a multi-year obligation without such a trial.

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Turning to new customer acquisition, Buddy is not finding any significant resistance to trial installations, and while it is extremely early days (and this number absolutely WILL decrease), conversion from trials to multi-year contracts exceeds 75%.

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Last edited by retiredyoung: 28/07/17

BUD Price at posting: 17.5¢ Sentiment: Hold Disclosure: Held
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