The turnaround that refuses to turn is really starting to show some cracks now, cash injections on consecutive days cant be a good sign including disclaimers to allow the assumption of going concern. This is a frustrating business as I have heard good things about their product and know from experience the main competitors expense solution is pretty ordinary.

Thier lack of ability to onboard users quickly is putting them at major risk, held on for far too long on this one unfortunately

Quarterly update released today and the results are decent but hardly setting the world on fire. As always you should look for what isn't being commented on, in this instance it is yet another drop in total number of users, down to 163k, just why a company would not comment on a core metric is beyond me and really doesn't install confidence in management being transparent.

Key highlights (just cut and paste from announcement)

▪ Record transaction and recurring SaaS revenue of $1.2 million, up 13% on the previous corresponding period (PCP) and total revenue of $2.0 million

▪ Cash receipts from operations of $2.3million, up 36% vs PCP

▪ Net operating cash flow for the period of $3k

▪ Annualised Recurring transaction and SaaS Revenue (ARR) of c.$5.0 million at 30 Sept 2024 ($5.0 million at 30 June 2024)

▪ Change Request revenue from existing customers grew to $510k, up 523% vs PCP

▪ Hosting and infrastructure costs have decreased 23% vs PCP to $273k ▪ ARPU of $29.90 up 13% vs the prior quarter  

A few sellers lining up today who must have finally lost patience with what has been a very slow burn. You do have to admire the relative impact in small cap land though, 11 trades of a couple of hundred thousand shares = 18% price decline. I hope there isn't more to it that hasn't been made public