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Is that pre-money 2018 seed, to post money this raise?
I'm not sure that 1500% is accurate.
What valuations are you basing that on?
roleybirkin,
It looks like Q4 2020 revenue was £1m+.
Do you think Q3 revenue was great than £1m?
What's your source?
Roblox is a very open platform.
Do we know that Bidstack aren’t working with Roblox creators?
Read the Anzu announcements carefully. Anzu haven’t partnered with Roblox, they’ve partnered with some of the millions of creators who make games on the Roblox platform:
https://venturebeat.com/2021/10/13/anzu-teams-up-with-roblox-creators-for-in-game-ads/
Does nobody here know what Roblox is?
It’s a games platform and games creation tool. It’s a collection of a huge number of user generated games. Over 40 million games.
Clearly good news for Anzu, but what they have access to is only the handful of games within Roblox that they’ve signed up. They’ve listed 4 games, with plans to add 40 more.
You can look up the 4 games listed and see the current player count.
Looks like the 4 games combined have about 25k players online. More players are currently playing Football Manager on Steam.
Looks like it could be the new investors insisting on changes.
Be nice to get a decent CFO onboard.
The issue is the decline rates.
As just stated on the call, the year-end exit rate is forecast to drop to 1,200 to 1,500 bopd (ignoring any new drilling success).
I wouldn’t pay any attention to the TW piece.
He was wrong about the rate of cash burn earlier in the year and still is now. He’s now quoting out of date forecasts.
I posted back in May that the cash could potentially last until August, and this turned out to be the case.
I think Bidstack will now end the year with more cash than the £7m forecast.
Good to see them also reiterate that they are focused on costs control going forward.
Cash at year end should be ahead of forecast.
Overwhelmingly positive RNS.
Confident of hitting the £4m revenue target for the year and bullish outlook.
That means £3.2m revenue for the second half and a great run rate moving into next year.
Great to see gross margins up to 34.5% as the platform scales.
Samsung ads showing across a number of Bidstack's mobile portfolio in the US:
https://twitter.com/HenrySundayHere/status/1433186638767742981?s=20
Cash expenses were only £0.7m in H2, down from £1m in H1.
It's a lean business model. I'd certainly expect them to be operating cash flow positive in the current year.
Admin expenses for the year were £4.6m. Of this there were non-cash expenses of £2.9m (share based payments £2.5m, impairment £0.2m, fx £0.2m) meaning cash expenses were £1.7m.
In H1 admin expenses were £1.0m and there were only minimal non-cash expenses, so cash expenses were £1.0m in H1
Of the ads currently running, at least Subway and Burberry are repeat customers.
Subway have been advertising since early 2020. This case study is from April 2020:
https://www.bidstack.com/case-studies/subway-x-p161/
Burberry is also a repeat client. They advertised in Hyper Scape at the end of 2020 and are now advertising across the portfolio.
Thanks,
Certainly more ads appearing in Bidstack's other games of late.
Good to see brands like DoorDash running campaigns. Their marketing is digital ad-spend heavy. They spent $333m on marketing in Q1 2021.
Good to see some large brands advertising in the US. DoorDash and Marriott:
https://twitter.com/thesageinvestor/status/1428285224362946568?s=20
University of Northern Iowa also advertising in a number of games:
https://twitter.com/upto2m/status/1428456490956902403?s=20
Good to see that Bidstack is still in Real Cricket too.
Where's that come from roley?
2022 for open exchange buying, with the revenues really ramping up in 2023.
Forecasts are for an overall margin of 25% in 2021 and 2022.
Margins should improve once open exchange buying kicks in and lots of smaller mobile publishers come onboard. Margins with smaller publishers are up to 50%.
How do you mean Roley?
Bidstack are working with competitors and the IAB to set the standards that will govern open-exchange buying. They are also working with competitors and Moat on verification aspects.
The timelines I set out are for these standards to be set. Bidstack could well have the technology in place already but open exchange buying can't happen until everything is agreed with industry bodies.
Bidstack's technology has been built and tested. Revenues are flowing and building. £4m forecast for this year and £9m for next year.
Open Exchange is just the final stage in the evolution and needs agreement with industry bodies - which I hope will happen next year. It should see revenues step up substantially.
No can kicking. I think open exchange buying will be in place next year.
I understand that not much is built into the 2022 forecast for open exchange buying. It’s achievable without it, and revenue will increase strongly once it kicks in. There is potential for it to kick in early but certainly best to be prudent with forecasts (especially given the misses in the past).
The big win for Bidstack has always been to build a scalable platform for open exchange buying of in-game inventory.
JD has cited The Trade Desk’s success in open exchange, and wants to emulate their success in the game advertising world. Just look at how The Trade Desk’s revenues increased in their early years.
They ramped up over the initial few years and in 2012 set a milestone of $1m gross spend on their platform in a single month. Bidstack should achieve this next year.
They then really stated to scale, and two years later in 2014 they had $1m gross spend on their platform in a single day ($365m annual run rate). A 30 fold increase in spend in two years.