@CobraStrike & @kohliI don't understand your comments given...

@CobraStrike & @kohli

I don't understand your comments given that:

1. Investment in the product has been ramping up,
2. They are building out the product features (on a paid basis via GM),
3. They are building out their product ecosystem, and
4. They have hired a key sales rep to seek OEM expansion.

... And the above is reflected in the highest levels of gross profit on record in the last quarter. What more can we ask of them while also retaining cashflow neutral / marginally cashflow positive operations?

I would be very concerned personally if they pushed investment to the point where cash flow was negative and another raise was required. That would be a very poor outcome for shareholders. The management team is (sensibly) never going to do that because they are in the enviable position of being profitable. If you want an unprofitable, high-growth tech company, you'll be better off looking elsewhere.

In terms of the share buy-back, I think it is a very reasonable capital allocation decision if one believes (like management does) that the share price is significantly undervalued. As to whether the share price is undervalued or not, I'll let you come to your own judgement. My own judgement is based on the following metrics: 0.87x EV/sales, 1.1x EV/GP, 4.9x EV/EBIT.

Lastly, in an environment of sustained wage pressure, demand for tech talent, and a desire to create a shareholder-aligned team across the long term, I think it makes a lot of sense to offer a loan-funded share plan.