Nick, you need to read the financial statements. It doesn’t matter if the company has $1B revenue, if it can’t make money and just burns cash, it’s not worth much at all. As others have stated, the AFR and some other fundies called out the questionable business model and its struggled ever since.
Look at the 1H25 balance sheet, there’s nothing there. This company is effectively a drop-ship reseller so aside from a tiny bit of inventory they hold, there’s no other meaningful assets outside of cash and receivables. The rest of the balance sheet is intangibles. They’re just a retail reseller so there’s nothing special about the software. There’s no hard assets like stores/real estate etc. If the business model doesn’t make money, there’s really nothing to hold the valuation up at all.
Something has to change fast or they’ll be going to the market asking for their first capital raise since the IPO.
Everyone is probably figuring out why Mintz is always so secretive.
CTT Price at posting:
32.0¢ Sentiment: None Disclosure: Not Held
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