Interesting market updates from Eroad today out with their Half Yearly Report and Accounts.

Has anyone taken part in the conference call?

It appears that growth continues to tick along nicely, and the new CEO seems to be adjusting to the reality on the ground.

I wonder what they plan on doing for cash? From a quick glance, it appears like they've burn through ~$10M and it seems like they may need to either raise or increase their debt. Am I reading this right? Was this discussed on the call?

So, just trying to dig deeper into eRoad's North American customer churn.

Management said of the 929 units returned in the latest quarter (excluding the one enterprise client that left due to being acquired), 30% were a result of customers switching to a competitor. So, 279 units.

Off a base of ~35,800 units in North America, that's a loss of 0.8%. So perhaps it's not as worrisome as it first seemed. Nevertheless, it'd be interesting to know whether the industry headwinds eRoad spoke of were having a similar impact on their competitors. Flat net unit growth isn't too much of a concern if it's a general and temporary feature across the market -- but if market share is shrinking that's something else entirely.