The metrics for the last 4 quarters dont read well but Nandan is very upbeat.
| Operating Metrics |
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| Q4 FY21 | Q1 FY22 | Q2 FY22 | Q3 FY22 |
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| Merchant Sales Volume (MSV) |
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| US$130M | US$101M | US$94M | US$95M |
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| Revenue |
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| US$3.4M | US$2.6M | US$2.2M | US$2.4M |
Revenue over the last 4 quarters is just over 10M US$ hard to see the move to profitability with figures like that.
Net transaction margin is improving but without significant revenue its a mute point IMO
He needs to deliver these large merchants for his iaas/whitelabel solution he keeps talking about as the future as to date he has delivered none.
It will be harder for him to bring these on board in Q4 as this is the big qtr for many but we will see. The first big one can be a tipping point but at the moment they are using small whitelabel solutions as a reference point and it doesnt seem to be getting buy in from the large merchants he needs.
If he fails to deliver by the next qtr report I think he may be on rocky ground, a year is forever in this space.
On a bright note it is always good to see management contributing when doing a CR, on the down side they also contributed significant amounts in the SPP at $1.30 and got burnt along with many others.
One to watch from the sidelines for me
