If you strip out rebates/tax incentives and Thor, then revenue from Ohm, which by now should be "meaningful" is very skinny. Taking a $134m market cap into consideration it's anorexic - so think a pull-back in price to 52-week lows isn't unwarranted.
One of my biggest concerns with Buddy has and remains this:
https://buddy.com/resources/type/case-studies/ Hasn't changed in well over a year. Surely they could milk a couple of case studies from some extremely happy clients if they existing. Especially noting how keen companies are to state their green credentials. I even asked Investor Relations about this and they said they "will be doing some case studies on some of the different scenarios we're seeing the Caribbean (we expect to do more than just one)" before going on to say they didn't expect anything would be published before Q1 CY18. That date is well in the rear-view mirror yet I can find any info
ANYWHERE about a single, successful Ohm install! Unless of course you count Nestle, which was telling by it's absence in this quarterly.
I don't begrudge them changing the format, features and pricing models to try and get penetration. But it appears as though they're throwing all sorts of Ohm options at the wall to see what sticks and unfortunately nothing is to date.
I envision around 1500 Ohm
sets (at $1000 per month recurring) is required for Buddy to break even. Based on info to date I can't see how they have even 10% of that number in place currently. As such I can't see BUD being cash-flow positive in Dave's stated timeline. If and when he walks that statement back, it would be a bad time to be holding.
The one saving grace? BUD did go to the market cap in hand when the price was even more inflated and has a war chest that should last them another 12-18 months.
If Ohm is going to get traction, they have the funds and opportunity to get it there. I'm just concerned that it is
not.
Good luck - hope it shoots the lights out...
