BUD Chart, page-1722

There are 3 parallel threads to the BUD story:

1) the 3 year guidance of $69 million in revenue - BUD have said year 3 will be much larger than 2 or 1 - so its backloaded - this means that the upcoming quarterly is effectively completely cut-off from the future projected success - and therefore cannot meaningfully be expected to 'confirm or deny' the projection - however all onlookers will try to connect the dots between now and the future and come up with an interpretation - and hence SP

2) the revenue shown in July quarterly - given the lag between install and revenue that means rev from pre-Jan 2018 installs - all this can reasonably show is BUD is off to some sort of start - but as we know that start was heavily delayed by cyclones and a slow-moving Sasktel - and will have no UK or US rev as that started after Feb - so the rev figure posted is just a start - but its a psychologically massive moment as we had the delays and now we have material progress - this will give a solid foundation to the SP

3) the mood of the market - the way markets react to information differs wildly from one period to the next - plus the quarterly update will no doubt contain more detail on whats going on in the business - so SP could bounce more or less depending

Conclusion

BUD is at a crucial moment - the business is gaining traction - how far and fast cannot be understood by this quarterly - but a material start is certain - and that should put a solid floor under the SP and settle a few frayed nerves - then we can all relax into the next quarterly - the comparison between July and Oct should be telling