Christian And Johannes, page-6

I really feel for holders. A few years ago, DTC showed signs that it could emerge as a reputable growth company.

The capital allocation looks abysmal. $75m+ for Vault and TIKS. Classic example of a clueless leadership team trying to acquire growth, rather than fixing the shortcomings of the main business.

Considering the burn rate ($5m+ per quarter) and the $10m debt, the dilution from the next capital raise won’t be pretty.

I’ve not looked into the share register. Is there potential for shareholder activism? The Chair and CEO should have carried the can long ago. The fact that they are still paying themselves circa $1m each pa in total compensation is also a strong indication that the board’s not fit-for-purpose. Director fees also look far too generous for a company which will soon have an EV around $20m. Seems like they’ve all got their snouts in the trough.