The issue with many of these Saas businesses is the ability to scale, looking at the bigger kids that play in this playground they all get thrashed for not being able to illustrate a robust efficient monetisation model i.e. turning bookings into revenue then into cash receipts and in this Saas game this process takes a lot of time and trial and error before it can be proven that it works.
In the case of VPC they are only at the beginning of this long and rigorous Saas terrain, sure they have $2m p.a. coming through Dash Digital but that's not Saas related that's an income that they have been earning prior to being listed. The market wants to see growth and serious traction for the online platform but where things are at currently the monetisation process will be slow with many ordinary quarterly's ahead.
If management are confident of the future then why not put money where their mouth is and start propping up the SP to regain the 4c support line otherwise the longer the SP hangs in the 3's then the lower lows may become the new reality.
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