Perspective Sangoma revenue as per Jason Donville:
2021 (unmerged for portion of the year) $160m
2022 (first merged 12 months) 264m
2023 $332m
2024 $412m
2025 $511m
The issue is that the merger is not yet reflected in earnings, so nobody understands the above.
If you look at the above numbers, you see a very healthy cloud company post-merger.
Two years from today, revenue will have doubled in the past two years, and this will be recognized with a far higher multiple (which is insanely low at present) because of a US listing.
Smart money is backing up the truck on this one and sitting on it.