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When will they give visibility of recurring revenue? Still can not see the investment in Dev etc despite Exec Chairs statement on increasing investment. It looks like the additional expenses are driven from the Sales hires, no problem with that but the solution has to perform to customers satisfaction :). Perhaps they are capitalising the investment in Dev. As always very poor visibility from a board that has a strong record of opaque reporting.
You’ve had a downer in MNO for a couple of years now. Sometimes it’s easier to move on. There could be greater clarity and costs are up. But there is also specific contract wins and extensions identified so I’ll continue to hold
G10. I have no problem with you holding. Just pointing out the continuing lack of visibility by this board which is purposeful. I will move on when they report appropriately. It would be nice to know a little more about the 'contract wins'. I assume we are not counting pilots and continuing extensions. How about the breakdown between traditional Drone Surveying contracts and the more sexy track mapping work. Details on headcount, product roadmap and most important of all the current value of MRR/ARR. Like other SAAS companies!
Hi phermic,
On balance it's good to hear your views. I do agree the transparency has been a bit lacklustre.
Like G10 I'm continuing to hold as I now expect additional contract wins to start gathering pace. If not by year's end and without, perhaps I'll move on.
Out of interest, which similar SaaS to companies are you currently holding where you have more faith?
Nice little contract win, all adds up and hopefully increases awareness and word of mouth in the industry
R
The only small SAAS investments I have are off market in privately held companies with ARR of between £0.3 & £1m. I have found it very difficult to make an investment return (I am sure you can get lucky and make significant short gain profits) from small listed tech companies. On balance they are valued at significantly higher prices. The very best SAAS entities (ie high growth with a great product/mkt fit) go for PE investment at up to 10x ARR valuation. Most PE investments into growth SAAS entities are in the 5 to 7x ARR range. Compare that with MNO which must be valued at 20+ times ARR with no visibility etc.