DUB

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5.0¢ dubber corporation limited

Agreed their tech isn't anything revolutionary, they certainly...

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12/03/24

15:11

Post #: 72853244
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Originally posted by shadowcat: ↑

I don't see a new CEO or management making any material difference

This is not some new startup. They have been in business for 9 years. In that time they have never come close to making a profit, and haven't even come close to making a viable gross margin, even when their costs were a lot more modest.

I don't think their customers are really that sticky. Many of the telco customers still have other call recording solutions in place. It would doubtlessly be a cost to them to migrate what customers they do have on Dubber to another solution - either one they already have or a third party like CallCabinet - but they need to balance that against the risk of losing those customers' recordings if Dubber goes under, and the damage to their own brand of being associated with Dubber.

Their technology is not that great, and the reason for that is pretty simple: they have never invested the funds they've raised in developing the product. $30m of the $110m raise apparently went into the CEO's pocket; the rest was blown on extravagant offices, unbelievable travel expenses, F1 sponsorships, and executives' salaries.

Someone could buy Dubber, but for what? Certainly not for their brand - it was always a pretty stupid brand name, has no brand recognition, and now it's tarnished by financial scandals. Not for their customers - they don't have enough to make money. Not for their technology - according to the glassdoor reviews at least it's steaming pile of technical debt, incompetently managed, and undoubtedly made worse by multiple acquisitions of different technology stacks.

They can't come out of suspension until they release their audited accounts. If it's only that $30m was in the wrong bucket ("term deposit") that just means that they need to account for it correctly. If the auditors still haven't signed off - and it only took a few days after their last suspension for the auditors to approve adjusted accounts - then there are other issues. They have a history of wildly overstating their revenues and they've been suspended for it before. Or there are more "inconsistencies", perhaps going some way to explaining where the rest of the $110m went. Or they're insolvent.

The only way out that I can see is if there's an investor in the wings with a chronic case of sunk cost fallacy.

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Agreed their tech isn't anything revolutionary, they certainly put their marketing dollars to good use though. In terms of other providers, What's the significance to Call Cabinet you mentioned? They have a recording solution but it's nothing unique, there are other providers telcos could migrate to that would offer better capabilities. But migrating customer data and securely is usually a bit difficult. Anyway, am waiting to see an update with anticipation!

DUB Price at posting: 22.0¢ Sentiment: Sell Disclosure: Not Held
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