I agree with you @Valueinvestor0909 - the doubling down on the investment was really jarring. I think if the Board make an announcement like that it is incumbent on them to explain very clearly the justification for it and I don't think they made that case. Lee gave some examples of where the money would go and though the developments he described made sense I fear they are throwing money at every niche idea that a customer suggests they might want. They're just not in a financial position to do that anymore.

I'd already sold some a few months back. I sold the majority of what I still owned at the open this morning (for some reason the stock actually opened up before getting smashed later in the day). In a couple of years time the Board may be proved right to double down and load up on debt. But even if they are I think I can still be right to sell the majority of my remaining holding. The two decisions are not mutually exclusive.

[Holding a starter position now, more on SM and today it's probably fallen to a level that better reflects the risk so I may leave that as is for now]

Big red flag that ARR was not disclosed after saying at the FY23 report that the key focus moving into FY24 was growing ARR.

Spending more in order to boost the ARR so it reaches the forecast is how I'm reading the snippet. Not the best way to do it though in my opinion.

Or maybe it should have been worded "differently"?