@Rapstar did a good summary already. Publishing my rough notes as well.
Camplify got punched in the stomach today, with the stock ending down 16%.
That’s on the back of revenue growth 95%, and a loss that’s slightly improve by 10% to $2.9M.
Presumably, investors didn’t even look at the revenue growth number, went straight to the loss, and a the visceral reaction that unfolded caused an immediate trigger of the sell button.
The growth needs to be put in context of Paul Camper’s acquisition, which has management pointed out, didn’t account for the whole period of the half year.
If we want to be conservative, we can divide the growth by the share count increase to get to a growth per share number of 53%, I find that excellent. (@Rapstar how did you get to your 37% number?)
Growth per share of 53% with negative margins of 12% lands cleanly at 41% which beats my desired Rule of 40.
If your thesis was predicated on a profit inflection point, I understand your dissatisfaction and the rationale for selling.
My thesis revolves around a robust take rate indicating future healthy margins, sustained global scalability suggested by the growth rate, ample remaining market share to capture, all supported by strong execution. I remain confident in holding and affirming the trajectory of my thesis.