Yeah honestly management really needs to clarify. They may be able to hide things from retail investors but institutions can see right through everything. I always adopt a skeptical mindset with micro-caps.
Balance sheet indicates revenue has fallen from $13.59M in 2020 to $12.84M in 2021. So a 5.5% fall.
Yet their 'ARR' is supposedly up 39% in the same period. They're definitely shuffling money across, to create some illusion of growth - while paying themselves a small fortune. Organic growth probably paints a different picture.
If churn rate is really at 15%, that is a significant concern, that's 3x the industry average. I can see why they would want to hide this from investor presentations. They need to maintain 15% YoY growth just to breakeven on growth.
Best to grill management thoroughly in their next investor call and ask them to post the call transcript. Too many questions, not enough answers.
Yeah honestly management really needs to clarify. They may be...
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