Potential catalysts, page-4

The company is being valued as if it will go out of business in a year's time with a small chance of survival which feels accurate at the moment.

If Kaddy wants a re-rate to 10x, 20x multiple, they need to become cash flow positive with high revenue growth rates - simple as that for me. I hope the new CEO can deliver on reducing cash burn in logistics as that seems to be the only way it can improve that side of the business due to warehouses being at full capacity.

Kaddy also needs larger customers to pump huge volumes through the marketplace as this seems to be the best way to increase revenue without relatively increasing operating costs.

Between savings in logistics and growth in GMW, hopefully it should be enough to becoming profitable but there is a lot of work to achieve this.

Also, for clarity, Kaddy's annualized revenue is $26.8m based off last quarterly which is generous as it is usually their best quarter. No need to bring "$50m turnover" numbers into the conversation as it is misleading.