The major challenge I see is that KTD has not demonstrated its ability to scale up or grow organically. You will notice the revenue growth is from acquisitions and expensive licensing like Baileys, grans fudge bar line, omniblend, super cubes, plant 2 of legacy keytone, all of which have failed to create any ROI story. If I remember correctly Omniblend alone had 30M annual revenue runrate prior to tonik launch; supercubes was expected to bring in 5M & legacy ketone was 10M with plant 2 operational at single shift. Adding these together you get 45M. Grans fudge revenue prior to acquisition was 3M (i think) and baileys roll out has delayed. So really no organic growth in 3 years. Unless the new Tonik, Baileys & bar line start to attract new revenue / contracts; I dont see how we will get to CFP soon. But as you said, time will tell.
* I have been holding KTD for 2+, one of the early adopters of this business expecting to grow like A2. So far all I have seen is failure. But reward out weigh risk at this share price.
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