Q2 2021 quick analysis: Grade: B+Tl/dr: I wanted EPS profit not just a tick of EBITDA, but I'll take it. With 11 million warrants gone and cycled through the system in the last 6 weeks, there is no way we don't hit $2.00/share by Q3.
Record revenue 12.6 million. Grade? A-. It is good that they maintained another quarter of revenue at or above what they did in Q1. This was critical. 12.2 Q1 and 12.6 Q2 shows consistency.
Gross profit 2.9 million. Grade? C+. They pulled the same gross profit last quarter on 400k less revenue. Profit is important here. Margins have not improved.
Warrants? 11 million gone (Duh, they were 26 cents.) A+. Those were ugly.
Cash 36.5 million. Grade? B. Sometimes I just want to know how much cash a company has compared to the last quarter. Less than a million difference. Good.
EBITDA 120k. Grade? B. Hey, it's not a loss. It's a 230k improvement on essentially triple/quadruple revenue (depending on from your starting point). That's good. Not great. Good.
Sales backlog 41 million Sales pipeline 800 million. Grade? B+. I don't care about the sales pipeline. I care about the backlog, ESPECIALLY after a quarter of record realized revenue. This appears to be very sustainable, and their pipeline suggests that they are confident that their backlog and revenue will slowly uptick for the remainder of the year.