New CEO

From their release:

Bill Identity Limited (ASX: BID) (BID or the Company) is pleased to announce the appointment of Michele Garra as Chief Executive Officer (CEO), effective 29 November 2021.

Most recently, Michele led Telstra’s Broadband, Voice and Connected Services business (Revenue: >$5bn), developing and executing a successful turnaround strategy to improve customer experience, enable enhanced digitisation, secure strategic partnerships and ensure broader organisational alignment. Prior to this, Michele was Managing Director of Sony Pictures Australia and New Zealand, successfully driving growth and sustained profitability whilst rolling out a range of new technologies and developing new retail channels. Michele also previously led Sony’s global strategic transformation, delivering on a global shift in strategy to digital streaming.

Not sure why they didn't just release this with the rest of their Financials yesterday

Bill Identity Quarterly Report

Below is coped from their announcement:

• Achieved total revenue of $3.8m, up 12% on prior comparable period, driven by Platform business performance
• Secured 11 new client accounts
• Appointed Marco Miranda and Darren Knihnicki as Interim Joint CEOs
• CEO recruitment process well underway with appointment expected in short term
• BID remains focused on accelerating platform growth in Australia and the UK, refocusing the US business and prioritising R&D expenditure in order to optimise growth, scalability and operating leverage

Not a great quarterly IMO and the market responded accordingly. From a cash flow perspective, almost $4m of cash outflow and only $11.5m in the bank meaning a capital raise is just around the corner.

At the current valuation, it is trading at just over 3x sales but with not much growth in revenue, US business facing challengers and lots of cash burn, the thesis is looking close to being busted.

Disc: Held IRL and on Strawman