Member Info for skid35

Very selective answering of questions on the now published investor meet Q&A, anything they didnt want to answer deleted

They have appeared on a few micro cap share registers recently, they have been fined by the FCA for investing in riskier assets when the client was not.

Laura, every board you show yourself up as someone with zero knowledge.

Davey- it’s Milton not Miton. Did look before on a previous rns and it’s a small wealth manager it the south west.

Laura, as usual really isn't best not to comment if you do not understand an RNS.

A sales opportunity pipeline of £400m is not orders they have in the bank, it is a very wide range of opportunities into the future many of which will fall before tendering, are clearly open to competitive tender, where these will not match TGP criteria for tech or margin / risk and where the contract award date may be many years into the future.

Maybe read it, then understand it, and then have a beer.

Having worked in finance in software / SaaS companies it does appear these are deliberately vague. But with the CFO / Controller buys hope this is a good sign.

Key issue is you cannot just state "orders" as a metric here, these need to split in to renewals (SaaS and old maintenance streams) / renewal growth / new one time orders / new SaaS orders. In addition you need to state total contracted backlog (and growth in backlog) and backlog for income recognition in the current year. Overlaid to this is existing product lines / new product lines (£1.8m of the orders are for new core product so other products going backwards).

In addition CNS needs to report ARR growth over the reporting period not YoY, most of the 25% ARR growth is from H2 24 not H1 25.

Having said that the move to SaaS is the right one (including from a valuation perspective), cash seems relatively strong etc but we could do with a couple of meaty RNSs with multi year multi $m attached to give the ARR and share price a boost.

Havent a clue on HPs position on Juniper which is important.

I'd go on the call tomorrow to see anymore meat on the bones before making a decision here.

On the face look good but take out Siemens as a one off deal and underlying revenue dropped from £19.4m to £10m

A very quick look under bonnet here.

- £1.2m increase in bad debt (again) - take out Siemens from the revenue and the proportion of customers simply unwilling to pay KMK (following prior years) quite incredible.

- Inventory increase (again) now representing 2.5 (very conservative) years worth of cost of sales, without doubt the worst inventory management I have seen (clearly just manufacturing to stop these costs going to the P&L)

- failure to control admin costs and inability to scale effectively

- massive bonuses of £400k EACH to back slapping execs plus massive share options, so shareholders get little of the upside. The LTIP exists for consistent performance over a number of years but all governance in renumeration thrown out the window.

But at least they can buy shares now the reporting is out the way......

Aquae. SOHs forecasts always problematic and woefully optimistic / unrealistic.

Still mainly jam tomorrow, the BoD seemingly unable to take this from a kitchen table / etsy type outfit to anything more substantial and consistent - whilst of course the chair and CEO taking vast salaries as if this were a £10m company.

Laura. Another company / sector you simply haven't a clue about, why not do the very basic research - you don't understand basic business metrics.

An order book of £400m ? Firstly, no that not achievable by about 8-10x, second they couldn't supply to that value both in working capital and physical / human resources, third if that was true the share price would be nearer a quid due to operational gearing.

The factual inaccuracy that the funds are used for working capital (supporting sales through stock and trade debtors) rather than ongoing monthly losses.

Don and the team have done a desperately poor job here, everything from brand, channels, product expansion (the basic stuff you teach in gcse business studies) so poorly managed and executed - the gross margin is basically paying Don and the bar tender marketing "director" - what a joke.

Redleg isnt really worth anything, and its probably their highest earner.

DIS employees should probably spend 5% of their time in anything to do with Ard as this is a separate investment which runs itself. I really haven't a clue what they are doing with the other 95% if they are turning up to work - Don clearly hasnt a clue about developing a business and should be fired for the appalling performance over the last 3 years

Secondly - very, very, very clear leaking and potential insider trading here from the falls last week.

Also listened to the PCIPal investor meet. Really basic differences in the quality of the slideset, the thought in the messaging etc.

Listened last night. Angus just deeply unimpressive, its like thursday murder club does the apprentice - basically saying they didnt know what they were doing (even on product roadmap, sales, partners) until the new CEO stepped in.

New CEO still a little wary about committing on large deals for Q4 (100% correct after the stupid "knock it out the park" stuff) but they need a couple of decent size deals for the upfront first year cash.

Hopefully CEO has support with one or two **** hot salespeople, and a partner manager who really gets one or two (thats all it takes) partners rolling especially one in the US.

Lastly Angus said they answered all questions, no they didnt my three left.

JP - no, thats not what it does

All time lows, even the very short term traders / pump and dump merchants bailing out as they just appear stupid with the all systems lined up / Massive opportunities in the the lying RNSs / Nvidia waiting in the wings / world class tech garbage.

The 100% laser focus of DL and the board, as it has always been, is getting to the next pay run with cash in the bank.

Goldie - you don't seem to understand the range of how businesses are potentially valued in various sectors.

What margin are you assuming on this contract ? What income / weighted margin do you have for 25/26 with this contract, is it above breakeven point ?

Uxm, differing industries have differing metrics so looking at it this way is wrong - margin / utilisation are key. Key here is utilisation of fixed assets, where the CEO has stated they have capacity to run at multiples of current revenue without any fixed cost increases.

Absolutely correct on a re rate though as revenue flows through to the bottom line at an increasing gross margin.

A little worried Laura is onto this one - just seems to look at risers / fallers without having a clue about the company / industry.

No doubt SOH will do another strategic piece showing how big the market is growing, how great the opportunity is, how he used to work in Smith+Nephew...but unfortunately none of it being captured in any meaningful sense by OPTI.

As in the previous X years, time for execution not strategic thinking.

This really needs some news to give the share price a kick up the backside.

Unfortunately, really looks like there is little / no traction in Sweetbio which would be the game changer.

I think on the smaller end of AIM, especially those with a less than perfect history of execution, when they execute and achieve what they said they would (signed off by an auditor) there is a rebound.

Bought in after I saw the director buys, hopefully will stay at this level so I can add as there is plenty of upside if the ARR continues to increase.