Big miss for mine... Both in revenue and receipts. ACV at end of Q was $0.85mil per month - not far off where things were left off at end of June Q (excluding one off rev items).
No wonder they raised as much as they did. I think they knew the goals of $1mil per month by June and the new goal of cash positive by Dec were not going to happen.
This is the statement that I don't think reads well:
"Incentives provided previously entitling some customers to free and/or subsidised carriage during the quarter in order to drive growth in adoption and therefore future underlying recurring revenue."
Having to give the product away to get growth.
I'll come back for another look next Q.
Ann: Quarterly Update & Appendix 4C, page-5
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