If your risk profile is so conservative you need to wait for audited 2019 actuals over company forecast, that is a matter for you. I personally don't have such a limitation, which is definitely atypical for most asset classes and in particular this one.
Obviously there are plenty in the tech sector that are doing extremely well, WTC, XRO, APT, Z1P, etc... some with profit forecasts, some with no profit forecast. So despite there being zero profit forecast, all sorts of investors, speculators, etc are buying their shares - ha, how is that possible given your investment thesis?! Forget revenue numbers, check out their EBIT annoucement, which is fundamentally more important - yep unaudited; so please refer to paragraph 1.
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With regard to your second response: If you didn't understand the basic premise of the post and the obvious trend in key metrics, I can see that its going to be a bit of a slog to convince you of its merits a second time. Personally, I don't mind if you are or are not convinced.
But...... to ensure your reiterated and utterly disproportionate business model assertion is kicked to the gutter:
Your assertions:
"here today gone tomorrow type clients" - Dec 2018 ISX has circa 69 clients. They lose 1 or 2 who in the wash up, 12 months later represent <2% of total GPTV. Why? The company grew the number of clients by >300% to 226 or +157 and GPTV by >400% to $2.25Bn. Risk mitigated!!!
"If your business model is that each year you can lose 35%+ of your previous years revenue, then that would concern me greatly as an investor." - The most important word in that sentence is "If"... because the logic flag = FALSE. You've superimposed a single instance and attempted to suggest that is typcial moving forward. So you need actuals to make an investment decision, but relied upon your prognostic ability to form an opinion of the future - whichi one is it Refer to point 1. Risk mitigated!!!
"It means that not only do you have to replace that customer the next year, you have to get new ones to grow" - Refer to point 1.
"Of all the crazy things I have heard and seen about ISX, losing major clients to fraudulent activity is the worst." - Yep, not great, but again lets maintain a sense of perspective - its 1 or 2 clients who represented <2% of GPTV, which is growing expotentially. Perhaps the regulator's who licence these fraudsters in the for instance, should do a better job - what do you think? How about your write to them and ask them to get their sh!t together so we don't have to rely on substandard licencing. Refer again to point 1. Risk mitigated!!!
"Why are these dodgy companies we keep shutting down, choosing to use ISX?" - Name and count them all, then refer to point 1 again where hopefully you've worked out that the merchants are IMMATERIAL to the current GPTV numbers.
I can see you have a chicken george temperament with regard to ISX and maybe generally, so won't be flogging this donkey a third time.
