If it was just the industrial business (i.e. the core original business), the numbers you provide stack up and I'd be super bullish. That's been ticking over nicely and I don't see any changes there. "ESG Tailwinds" as the CEO spoke about are a crock. Its been two years and that just hasn't happened. To be fair, I don't see it with other companies either. Water is the biggest anchor (pardon the pun) to the business. $8mn raised and nothing to really show for it. As for project vs saas-its Rev, and that's money in the bank, which they need. I agree it means you have to find another $3m next year but sort today's problems today. That should also help their June 30 number, which they desperately need.
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