You're right. The balance sheet should be largely improved thanks to the expected free cash flow (main interest of this company- cf 12.4 m free cash flow for H1 24, not bad for a company which has a market cap of 65 m if options are converted).
But the limit, for now, for Findi is that they rely on 2 contracts which will end respectively in Dec 27 (CBI) and 2035 (SBI if begins in 25 and go for the 3 years extension). So they need to find new sources after these contracts expire. A white label licence would probably be a good way to extend the visibility on their business. As I understand it, it would mean that they would not have any more limited time contracts and would also get better margins.
FND Price at posting:
$1.18 Sentiment: None Disclosure: Held
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