Total agree WIZ. The current EXEC/MGT team have been leading the market up a garden path with their growth graphs and metrics for years now. But they no longer spruiking the subscription numbers and other unqualified metrics in their reports anymore. These were the same metrics management used to justify and hand out their bonuses, incentives and ZEPOS like candy. If they used customer receipts as the performance metric to base their incentives, they would all still be on the same salaries and millions of ZEPOS wouldn’t have diluted the value. The management team might have better focused their attention on selling the product and turning a profit more so than collecting signatures like they were dollars. Based on the customer receipts the last couple of years the product is not appearing to be commercially viable so ability to achieve profitability is still a massive concern, even though they have finally pushed this out to FY25. I think most would now agree the EXEC team have acted like fools. They raised $100M for acquisitions, then changed their minds and then used it to fund their excessive salaries, first-class travel around the world for junkets, over-the-top playground office fit-outs and some strange naming rights and sponsorship deals. Then finally they realise that with expenses growing to $25M, and burning $17M per quarter, the $100M slush fund won't last that long. Especially since the customer receipts haven’t really grown in the last year, and we have major partners not paying for the service. So now only just after finishing a massive onboarding of staff to accelerate growth, they are now cutting their heads. This Shakespearean comedy has become a Shakespearean tragedy. IMO, DYOR (and check mine and SOS.
DUB Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
and SOS.
(20min delay)
