Ann: Beamtree Trading Update, page-8

Your calculation missed one fact: The acquisition of Potential^x was completed at the end of September, 2021. As the announcement to acquire Potential^x on 30/08/2021 indicated, its 2021 revenue is $11m and its EBITDA is $2m. The expected revenue contributing to Beamtree should start from the end of the acquisition, namely the end of the September. Taking this difference into account, Beamtree's annual revenue should trend as $19m-(4 divides $11m)=$16.25. The result of $16.55m in 2022 is marginally better than the trend projection.

As in this announcement, EBITDA is not mentioned. But I agree with your assessment about the EBITDA. EBITDA is far below the trend. The half year report showed that the revenue nearly doubled but the costs of expense tripled. If the cost base has stabilized since then, the EBITDA should be between $1m and $1.5. But it totally depends on the assumption of stabilizing cost base. If the management can't cautiously control their costs and costs blow out further, the EBITDA could be far worse or even negative.

My opinion though.