Short answer, Yes. This is a fluff piece.
I follow envirosuite and am hopeful that one day their products will turn out to be scalable. But right now, the high churn rates and the slow revenue growth in new products is a bit concerning for the business model. To my mind, the fact they are making this announcement is to try and placate the shareholders who have seen -35% in the share price over the past 6mos. Reality is, this is less than $1m of revenue on a new product for a company with a $200 MC and $50m of revenue. It may be scalable and early days, but I would rather see the proof than chase that.
Management has left me underwhelmed with their reporting of "annual recurring revenue" which I feel is not as recurrent as they are suggesting, and constantly announcing new ARR but not discounting for the churn. In their most recent report they announced $5.5m of new ARR but failed to note the -$2.5m of churn. That's not as recurrent as one would note. At the same time, they had already reported over $1m of total revenue for EnviroWater, so not sure what the news is here.
I hope I am wrong, but I am happy to wait on the sidelines until the results match managements announcements.
(20min delay)