Ann: Q2 ARR grows to $52.7 million, page-147

BTH now has a market cap larger than LVT despite just reporting ARR of $32.4m compared to LVT’s ARR of $52.7m. So BTH now trades on an ARR multiple of 6.6 times compared to LVT’s 4.1 times and this is despite BTH growing revenues significantly slower than LVT. BTH is even still burning cash ($1.2m last quarter) although admittedly a lot less than LVT. I’m not suggesting BTH is overvalued although LVT does look very cheap in comparison. I guess the market just wants to see the company either getting close to cash breakeven or actually delivering better revenue growth. Patience required....