I understand Karl overpromised and undelivered certain promises...

I understand Karl overpromised and undelivered certain promises (eg $100M ARR) but I don't think the results in the most recent fiscal year were terrible by any means, let alone egregious enough to warrant the removal of the CEO.

Figures from the recent annual reports
1. Revenue grew 19% YoY to $45M
2. ARR grew 17% YoY during Covid-19 despite cutting operating expenses by 35%.

Karl might not win the title of worlds best tech CEO but he has definitely been trying to do a better job in addressing the concerns of shareholders in recent times. He is also very invested in the success of the business as he has substantial shareholdings.

The company underwent a restructuring last year and is going through a strategic overhaul which should put them in a better position to sell their products to new clients and to upsell existing clients despite having a smaller headcount than pre FY20/21.