red flag was private equity selldown and also michael west article covering all the points. this could go down a lot further, similar to a nuix.
its key aus government contract - jobactive nearly half of revenue is expiring in 2023 and is being replaced by the NESM model. how on earth did they sell the ipo with a pending expiry on their main contract?? if this contract isnt won, or isnt replaced, it will crash. NESM is a different model that doesnt require active management.
