The recording for today's chat with Oleg is now live, and you can access the transcript here: DRO Transcript OCT 2025.pdf

Beyond all the "meme stock" hype, it is hard not to be impressed with what the business has achieved. Not only have they maintained an incredible rate of top-line growth, but the swing to profitability is noteworthy given all the investment they are making and the huge ramp up in headcount.

Oleg strikes me as rather grounded, and certainly didn't try and hype up the opportunity. The business has a great first mover advantage, and established and critical relationships with key players. They also seem to be staying focused on their core strengths and not deviating into other areas (which I imagine would be a temptation for most).

The sales pipeline is massive and continues to grow very fast, and historically it's been a good indicator of future sales. And given what he said about gross margins and fixed costs, they have the potential to really demonstrate some attractive operating leverage.

Still, a forward Price-to-sales of ~30x, and a forward PE of (say) at least 200x is not for the timid (and not for me). Still, *if* they continue to scale as he suggested, they really could be on a pre-tax profit of ~$100m in a few years, and that changes things a lot.

I'll keep it on a watchlist for now.