My focus was top-line / gross market value sales. There's only so much margin you can squeeze to bump up revenue growth, but it will eventually align closely with gmv growth. They were aiming for 2025, but were probably going to need to increase the cash burn to get there.
As for cash burn, $10m burn for last 9 months but $9m burn for last 3 months. With $29m in the bank, they were due for another raise in 2023, resulting in a decent amount of dilution to get them to positive EBITDA.
Agreed, I think come November/December when Kaddy is launched as the new stock code and all the pieces are interconnected (market + fulfillment + finance etc..) it will give the market the best view of what's to come.
The next big moment for me is when Kaddy branded vans and trucks enter the community and start occupying the minds of customers, the public, and shareholders. This for me is when the multiple will start to make its move.
Exciting times ahead!
(Steve would you mind dropping me a note to chat offline - [email protected])
DW8 Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
(20min delay)