Member Info for Phermic

Yes, it's another trial / Pilot?

I just loved the Chairman's words on the "update" that wasn't :)

"We are very confident in continuing growth for current and future years and also comfortable with our cash position. We have world-leading AI technology and a unique approach to automated delivery which underpins our ability to scale the business while maintaining a minimal cost base. Everyone at Cordel is focused on delivering long-term value for our shareholders."

"world-leading AI technology" developed while maintaining a minimum cost base :) I always find it amusing that so many AIM investors fall for this drivel all the time.

Have just speed read the financial report. Loads of read flags IMO. Debtors, audit report, funds flow, headcount numbers etc. Am I alone?

Not sure my view changes much. The contract award confirms market interest in this technology. However, the red flags continue with poor reporting designed to hide true position of this company. The published interims continue to raise questions - still no sign of any deferred income within creditors or accrued income within debtors. A reading of this could be. that Cordel are invoicing on a transaction model monthly if they have any material SAAS revenues at the moment. My guess, is that SAAS or transactional revenues at the moment are very small. What we need is information on contract renewals, this allows us to access if the company are close to 'Product Market Fit'. Essential for growth.

Timing looks really odd. But..............the old Maestrano float guys are still there and in control, really not a good sign.

You have to give some credit to Chris for playing this so long. It can't be easy finding auditors willing to sign this off and a new director to come on board. However, it appears not to be a problem encouraging trapped investors (those who have staked far too much of their wealth to walk away) to trickle further sums to keep this show on the road.

I have never understood the validity of this so called asset. A lease entered circa 2000 for 40 years, a £5m activation fee of which only circa £1m was paid etc etc. Nahhh......the religious charity will never renegotiate and just run this out. They have centuries of time :). If anyone is really bothered, then concentrate on the auditors.

Its interesting that we are still awaiting the funding announcement! Today's RNS does not tell us a great deal that we did not already know from previous RNS regarding D/Gauge. Did I not comment about who owned 'what' IPR in this arrangement.

To be clear, I recognise the progress being made especially regarding pilots, contracts etc. However, I do not find it acceptable that we have continual smoke and mirrors as regards to the financials around these 'deals' and the current position as regards to cash burn etc. Perhaps we have truly reached 'product market fit' where the company can grow on top of client renewals but I doubt it as its a little to early in the product life cycle I suspect. Who knows? Is the company now generating cash?

I am still waiting for the annual accounts to be posted on the website or at CH. Obviously going to be later than PY. Must say, I am surprised no fund raise has yet been announced. The actual cash at YE was very low, so it must be incredibly tight right now. An announcement must be due very soon. Perhaps the Chair will provide some short term loan facility. It would make sense given the forecast growth rate published on their website :)

The good news is that Cordel has secured a place on a Framework Agreement and then signed a 12 mth Pilot project within this Framework. All good. However, again we have no idea of the value of this pilot (just like all the others) or any announcement that one of the other pilots has progressed to a genuine multi year service contract. Lack of visibility continues - the raise must be very soon! Still no idea how much of a software play this company is, the more I look the more it appears a hardware play. Anyone else have a view?

"We are proud of the continuing evolution of our platform and its expanding application to multiple areas of major railway operations. Automation is a key theme throughout the global rail industry and Cordel is steadily acquiring new customers due to our proven LiDAR Sensors and Artificial Intelligence technology."

No values are given, which is not a surprise. Why I wonder when the share price needs to be supported? The Chairs quote above is interesting, 'steadily acquiring new customers' but turnover has been falling as far a public records show. Does that mean customer churn is high, contract values are falling or the order backlog is increasing and turnover will increase significantly this year. Wonderfully ambiguous, they really need to change the Chair.

Who knows. My Guess...............a change of mgmt at the very least. Can't imagine this team kept their promises.

Arsenal - When are you going to realise that Bigwil is an insider :). BTW, I have posted before on the lease. At present this is a short term lease (in property terms) and the foundation own ALL the cards. The foundation can just wait.

The company will certainly not be happy with a share price approaching 1p status. It restricts a number of financing options.

It is a closely held company thanks to the reverse takeover of one of the Chairs investments following the 'FinTech' float that was an absolute disaster. The Chair & NED (from float) remind me of Boris & Trump. Not falling on their swords with honour :)

So, a number of years in - the minority shareholders still have absolutely no idea of the success of this ground breaking solution. I suspect that the base 'Drone' business still provides a significant proportion of the revenues (maybe even a majority). Why are the financial details still hidden?

Anyhow, they need a raise soon. Interest rates rising, tech multiples falling for all but the fastest growing. If Cordel genuinely have a solution that is close to 'Product Mkt Fit' ie client renewals and Nick believes he has a credible team or is close, then maybe PE investment could be possible. Otherwise, the Chair will go down the usual road. Tap up small company funds (the crap ones with lazy managers) which do not threaten any of the present board positions. It's very interesting.

Following the usual bland contract award statement from our secretive chair and the continuing fall in tech valuations, I suspect that Cordel are looking at a raise imminently. Given the poor historic guidance and continuing absence of any useful trading statements (ie incl. Financials) I would expect a placing or open offer to be announced.

OPK20

Not at the moment, but watching carefully. Very aware that this could spike unexpectedly to the upside one day and of course would like to board the train just before. We all would :)

Have it on my watch list for announcements - looking for cash flow breakeven and signs of sustainable growth before I hop on board.

The company is not profitable or generating cash, have I missed something?

Have just pulled the statement off the website. Basically, all countries have shown decline in revenue excl. USA where there is really no revenues at all for reasonable comparison. No sign anywhere of any recurring revenues (No Def. Inc balances for example). They really need to be cash positive now in Q4. My guess is that a raise is just around the corner. Amazing that investors value this company at more than 10x current revenues. It could only happen on AIM :)

What I would like to see from the new guy, is to secure enough votes from the trapped shareholders, remove the current Chair which must be a help to negotiations with the Foundation. The old guard need to be removed. Full disclosure then needs to be made to the exchange, on the current position of Minoans lease of the Foundation land.

This way, the 'new hope' director shows the shareholders that he is not another corrupt director.

JeanAvril

If your based in London, no problem in meeting you for a coffee?

JeanAvril

Saying that they are further through the sales process than they can prove with email trails, have the approval of a decision maker etc.

Look back at my posts, I do not ever give a buy / sell recommendation. What is the problem? A number of you feel that trading will resume and you will profit handsomely.

I was amused at some posts that stated that on the Monday pre suspension, the shares were going to be marked up due to the reorganisation. Ignorance, but widely supported it seemed.