FY 21 ResultsIn the last few interviews Jay was adamant that Q4 results were better than expectations and that his expectations have been 100% revenue growth Quarter over Quarter.
Actual results were a lot more dismal.
Q3 revenues: $523k
Q4 revenues: $654k
Far from expectations being set by the CEO.. 3 to 4 months after the close of the quarter.
It gets even worse.
FY 21 revenues were up compared to FY 20 revenues ($1.6 Mill vs $0.6 Mill). So far so good.
License fee revenue dropped from $153k in FY 20 to $95k FY 21. Not good at all, especially not for a SaaS company
Professional Services increased from $32k in FY 20 to $259k in FY 21. A much lower multiple on this revenue than pure SaaS revenue. So heading in a good direction, but not really exciting for a predominentaly SaaS based business
Hardware revenue was up from $48k to $1.25 Mill. Again its hardware revenue. Margins are probably non existant. And it seems like most of this hardware was sold to Winkel.. And Winkel was lent almost $900k to buy this hardware. Why isn't ABInBev buying the hardware? Why is VSBLTY involved in selling hardware? Is it just to pad books? Worse than professional services revenue, from a multiple perspective.
Net loss for this amazing performance.... $16.2 Mill in FY 21 compared to $6.5 Mill in FY 20.
AustinGIS/Media revs from ABInBev/Security license fees etc.. are no where to be seen.
And cooler revenue now delayed until Q2 22.. So can't hold Jay accountable until September when those financials would be due.