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Unusual story this. Listed last year. Reported March 23 YE revenue pro forma for an acquisition of about $1.7m, cash burn of c$6m (including some one-off costs like listing expenses). Launched new product in March, Pearl Diver, and each month since have added >$300k of ARR, including >$600k in August and > $400k in September. Put that in context of only 4% of SAS businesses getting to $1m ARR ever.
Still burning cash, hence another capital raise, but should be the last one as guiding to cash flow breakeven around $10m ARR later next year. I think will still be growing >100% at that point, assuming run rates continue. With gross margins >50% and monthly churn around 3%, worth say 7.5x ARR minimum if they meet that guidance. Well, I suppose 5x minimum but should trade for more than that given would be cash flow positive and growing fast.
Need to keep achieving those sales each month but multiples of upside if they do that.
