The latest set of results had a few positives, although the key issue remains -- sluggish revenue growth.

The full year results preso is here, but you're looking at a 2.8% rise in ARR and a 2.6% increase in total revenue.

Still, some positives:

• Slight increase in gross margin
• Adjusted EBITDA (which largely strips out one-offs like restructuring and transaction costs), doubled to $1.1m
• Industrial continues to do well -- New ARR up ~25%
• Americas region a standout, ARR up 7.2%
• Cut off low margin and legacy customers
• Average revenue per site continues to grow -- up 10% for the year (gives some legitimacy to the expand part of land & expand strategy)
• $2.5m in costs removed.

Negatives:

• Removing one-off costs, the business has a positive operating cash flow, but still heavily negative when capitalized dev costs are included.
• Only $3m in cash on hand left
• Big writedown in goodwill (a reflection I believe of their aviation acquisition, which was always a bid move..)

The current market cap of ~$54m compares well against total revenue of $59.4m -- at least, that is, if you think they can actually scale well and finally delivery some accelerated sales growth. And that for me is something I lost conviction on a while back..

I retain a small position, but not tempted to buy again until I see some improvement in growth.