Lots of negative sentiment on this company (and rightly so IMO) but thought I'd present an opposing view.

With the recent sell off post quarterly results I have them trading at around 4x Fwd Rev and ARR. Management have guided for 31-42% growth in FY22 which if (and this is a big if) would mean they are relatively cheap.

From the quarterly it seems that they have taken the entire Newmont expected Rev and ARR out of their calculations however if part of Newmont decide to continue to use the Damstra software it may increase Rev and ARR back to higher levels.

If management can start to hit their guidance, it would bring more faith back into the market to price them at higher multiples.

The risks are however that more customers decide to move away from the Damstra software (and thus they continue to miss guidance) in which case I would believe my thesis to be broken.

Disc: Held IRL and on Strawman