REVENUE GROWTH
When comparing the quarterly results from Q3 to Q4, it appears as though they actually had negative growth
Their Q3 result states revenues "exceed $1.1 million"
Their Q4 results states "another million dollar plus revenue quarter".
If you look on the chart, it appears as though they may have actually had lower revenues in Q4. The benchmark now rather achieving growth has been lowered to achieving $M+ quarters
In Q3, the company commented that they expected December to have their highest demand, yet revenues appear to be less or at best on par.
PIPELINE DEALS
The total value of the pipeline deals listed is <$100K. The single highest value deal in there was actually a prior sale of 14 solar cameras in WA to the Department of Planning Lands and Heritage, estimated to be worth around $42K
SHARE PRICE
The stock reached an all time low of 15.5c during Q4. Down over 60% from it's 52 week highs
MEDICAL CANNABIS
In July 2018, SP3 produced a white paper on medical cannabis, stating that "ideal locations for growing marijuana correlate directly with high solar zones of solar power supply".
7 months later, the company has no cannabis exposure
SHARK WARNING SYSTEM
The Shark Warning System was launched in October.
There is only 1 month left of the Australian summer. Despite the shark hysteria and near 1 sighting / encounter / attack for the past 10-12 weeks and double the amount since last year, SP3 has only managed to get 4 systems installed across WA beaches.
MANAGEMENT
I note that Darren Cooper, the newly elected Chairman took a months holiday through mid December, yet SP3 expected that quarter to experience the highest sales demand
SUMMARY
All time low SP, growth went neutral or negative in their busiest quarter, highest value pipeline deal appears to be <$50K in value, only 4 shark warning systems rolled out, no cannabis exposure, no new Tier 1 customers announced
I have kept this thread 100% factual. If people wish to correct any errors, be my guest. If not, please explain to me why management aren't being questioned over this performance.
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