It's disappointing to see the market cap back to $20m &...

It's disappointing to see the market cap back to $20m & back to the levels of recapitalisation despite the company more than doubling revenue & being at a profitability inflection point. The only real risk you could read into the board situation is if the findamentals of the market they are operating in are starting to deteriorate & they are jumping ship. We should get insight into that in the quarterly (if they continue to release quarterlies).

Over the years in my view Martin & Melinda have put together solid business plans and executed those plans extremely well. The main fault i could call out was a few years ago talking about 40% EBITDA margins in the context of a few years ahead and now its 2024 and the EBITDA margins are still in single digits. i think the 40% figure was one of the things driving the SP strength a few years back and is therefore one of the reasons for the weakness with peoples models needing to be revised down. The multiple board situations & director sales have been the other negative factors.

Still - i think the current levels look like extremely good value if revenue growth and profitability can continue on the same trajectory. It shouldn't take too long to find out.