Brett MH has given an excellent account of the proceedings.
My additional impressions are as follows:
- Ian and the team are exuding confidence in regards the 3Dp FPL Storm Response performance.
- Ian said if they could find and hire more staff (with a 3DP skill set and mindset) the revenue would ramp commensurately.
- the Hotcopper team was mentioned "affectionately" rather than "disapprovingly" as previously.
- they are a good bunch of guys doing their best to grow the business (for them and us) by supporting the customers.
- companies like 3DP are currently out of favour with the capital markets and there's not much you can do about it other than grow the revenue while controlling costs (which are mainly people).
- the markets currently reward profits, which 3DP could do overnight by cutting growth investment but this means staying small, 3DP prefers to invest to go big.
- the bad debt written off the last FY was very annoying but minor in the current scheme of things. It is not recoverable but is still a client.
- airovant employees have all bailed which is disappointing but 3DP got the Amazon project from airovant therefore all is not lost.
- a future NASDAQ listing was mentioned.
- having a good business model (as per NEA RN advice) is more important than good/secure IP.
IMHO 3DP is a definite Hold.
I will top up on weakness if the ACV, Revenue and Cash flows continue on trend.
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