just had time to go through the 1H2021 presentation deck and...

just had time to go through the 1H2021 presentation deck and without having access to the accompanying call, this was a weak set of numbers even if you account for the $7m in revenue that will be clocked in 2H2021. Revenue increases from $14m to approximately $21m after adding the $7m revenue which has slipped into 2H. This is quite below the $15m per quarter revenue that a lot of members here at HC have been touting and it is frustrating cause i can't recall management giving a clear explanation why there has been such a material deceleration of revenue compared to 2H2020. Also comparing the performance of 1H2021 with 1H2020 is quite pointless when we all know the majority of revenue in FY2020 was generated in 2H2020. To me, it seems a way for management to hide the underwhelming performance.

EBITDA of 1H was $2.9m and adding $3.5m for the $7m revenue (assuming 50% ebitda margin similar to FY2020), adjusted EBITDA of 1H was $6.4m or annualized of $12.8m. For a company of this size and lack of economic moat around its products, an EBITDA multiple of 10x is probably fair. This will imply a valuation of $128m which sadly is the market cap of Zoono as we speak.

On the flip side, can see some hope with the new contracts and with travel restrictions falling away, which we all hope management can execute and result in some kind of monetization. Going to hold this and hope Paul can turn this ship around and in his humble words let the numbers do the speaking.