I do agree that the sentiment is rubbish at the moment but the...

I do agree that the sentiment is rubbish at the moment but the underlying business still exists. A lot of people do have genuine grievances but I think it has blinded them into misunderstanding the company position.

Financials aren't that bad when you look at them from an objective lens
ARR is trailing - If they convert the ~$15M from the trailing ARR into revenue (see the discrepancy between ARR and revenue - ARR comes first and then revenue comes second), then they should be EBITA positive, cashflow positive at the end of this financial year. At that point, they will probably be generating low single-digit $M in EBITA, ~$75M ARR, and cashflow positive (my opinion).

Everyone has sunk cost mentality
Yes, people lost money. So much that they are blinded by it and hate the guts out of Karl. I don't get it entirely as Karl does not actually control the SP, and has every incentive for it to rise (more so than every mug punter on this forum).

I have been following this share for years with low exposure. The share has lost people money but the company is not worthless. People advocating for it to be worth less than its ARR are just shorters, being disingenuous or just have no idea how to value a technology share.

They are very competitive in the employee experience space
They're one of the top 4 providers of employee experience products globally based on independent market research based on product offering, market share and other variables. I don't think this market will have a winner take all as there are many many different use cases depending on the size, needs of the client. Some will have Microsoft licences, some not, some need mobile, some don't, etc. They don't need to become a Xero or Afterpay to be big. They can simply just swim in their lane and grow their revenue to $100M @ 20-30% growth. That would make them worth ~$1B.