My takeaways from the results presentation:

What I like:

• The Veovo business is looking very strong. Management called out the exceptional performance multiple times. Veovo provides some nice optionality away from the utilities business. They mentioned that it is operating at a rule of 50. If Veovo was listed separately, I would buy that today.
• Management seem very transparent and measured. I felt like they spelt things out very simply and clearly on the call without hype.
• Strong balance sheet with $84m in cash and no debt with free cash flow dipping from FY24 but still positive. Profitability could improve further given that they fully expense software development and are aggressively spending on product development and marketing.

What I Don't like:

• The utilities recurring revenue grew 12% which, in isolation, seems fine but given the strength of the competition is a little concerning. APAC region had zero growth over FY24. While this is definitely not a 'winner takes all' scenario I still would prefer to invest in a strong leader than a strong follower. They did seem confident that future growth will be higher, so I might be too negative on this.
• I don't understand the point of the Amber Electric ownership. Is this so that they can test and learn new product development? To me, it just makes the business more complicated and doesn't seem to be providing a return on investment just yet.

Even after today's 20% jump, this is sitting at a PE of 40 and 3.3 EV to sales. It seems cheap, but I am not enthused by all the different parts. I am tempted to take a small position, after all, perfect companies don't exist. For the time being, I will stay on the sidelines.

@Keyboardcat999

Haven't had time but I will try and write up something regarding Amber

I think Gentrack did well with that many new logos but I still need to look at the call to check

People probably thought Kraken would eat all of Gentracks customers like what happened to Hansen Powercloud! I remember hearing somewhere nearly all of Hansen's Powercloud global customers went to Kraken, leaving Hansen with only the German speaking market. Maybe you can also look at Hansen Powercloud?

@Keyboardcat999

Regarding your reference to Amber not performing well I think it's a bit premature to make that statement.

Look at the Gentrack platform more deeply and see how it ties in with Amber and some of their b2b and b2c customers. I also note that Gentrack customer Ecotricity is also with Amber.

Listened to the recording and I thought the call was pretty positive and reflects my thoughts on what was going on with product development

Genesis g2 completed on time and potential customers that were waiting on the sidelines now finally showing interest (hence the flat year). However no forward guidance.

Cash being reinvested instead of paying a dividend like in the past which is a bit disappointing as I have been waiting for something here. Clearly Miles is different from previous management.

Wish I had the courage to double down last week although already have significant holding and the recent drawdown was a test of nerves and conviction.

But did this deserve a 30 percent rerate over just a few days?