Jlo, your frustration at this guidance miss is understandable,...

Jlo, your frustration at this guidance miss is understandable, certainly, ISX management could have done better. Referencing the Dec19 guidance to the recent 4e, it does seem that ISX needs more work on their due diligence (& thereby forming an opinion on their revenue estimate) for the investing community to take them seriously. However, what was presented to them starting middle of Sept 19 was nothing short of disastrous, disruptive, unprecedented, and extremely challenging as they had to factor in the 'unknown' effect of suspension to their ongoing operations and future acquisitions (of customers).

For starters, they were clearly heavy in the back half (more QRT4) with their revenue generation. Factor in the effects of 'learning curve' for a start-up with newly set up tier-one operations, new staff and so on. We saw how quickly revenue jumped, 'extreme growth' from Feb till June, then Aug and Sept. So things were falling into place, while there was still a lot to accomplish. Based on the Sept update, revenue grew from c.$400m (June) annualised GPTV to c.1.1b (2 months) and then to $1.9b in Sept. Based on such a growth trajectory, with still many customers awaiting approval & onboarding, we could have potentially reached $4b (high end), at least $3.5b end of Dec. And what did we achieve, $2b based on 4E. In other words since the GPTV update in Oct of $1.9b (till the end of Sept), we hardly moved...Now, could JK predict this? They would have hoped & accounted for customers to onboard, even till the end (early Dec) they must have held onto those expectations. But we know they don't control that bit. Add to this, SWIFT changes, over and above spend on NSX/R&D and so on. I would like to think ISX are moving their 'goals posts' (in a positive way) by continuously seeking newer and better opportunities.

It's so easy for us to sit, watch, analyse numbers when presented to us and then make sweeping remarks on the financials. I work with numbers quite a lot and if I earnestly tried I can find a fault in almost anything presented. But here to me, presented to us yesterday is not about 'fault finding' but of celebrating the success of an Australian grown start-up who have achieved their maiden profit in the first year of (real) operations. None of us actually know the severity of the matter on hand. Till anything surfaces that will change my mind (and sentiment), I'm definitely long on ISX regardless of what others think.