The other thing you need to think about, not just the product, is the business model and in particular, how well they are converting freemium subscribers to paying customers.
What i don't like is the massive increase in subscribers, but the very little hit to receipts and revenue. This suggests they need to increase their growth substantially. Lets look at the numbers from that last half.
Customer Numbers up 150% to approx 110
Revenue up 8% to 462k
Cash Receipts up 14% to 504k
Loss 5,771 for H1.
Cash and Equivalents: 6,719 (@ December 31 2020)
They will be making another 5k+ loss this half year. Unless i see a *substantial* increase in customer numbers or the type of customer they're contracting, then, i cannot justify owning this stock with the dilution that will be occurring sooner, rather than later.
I like the business, but it's the same problem i had with TMP (former business name). They just don't grow revenues fast enough.
If you really believe in the product, then, you could take a position with the idea that a strategic investor may be willing to get on board in order to drive growth. Perhaps a Bevan Slattery type deal
. If i was an investor, that's what i'd be hoping for soon.
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