They cut FY2022 revenue to 60-80m, massively short of their original 3bn forecast and about half of consensus’ more sceptical 132m estimate.
This translates to a fully diluted EV to '22 Rev multiple of c.20x based on a 7.50 share price
In terms of users, they now report a similar ‘transacting account’ metric and only had 0.9m accounts as of end 2021, only growing 13% from a year earlier and way way short of their 9m active user plan by end 2021
Yup. Most SPAC prospects have absurd growth #'s and they will never hit.
Lots of retail holding the bag here b/c they thought it’d be the next coinbase or something.
Yup, these numbers are incredibly woeful and I won’t be surprised if it retests its ATL of $3+ over the next few days… especially if we have a macro catalyst to spark a renewed sell off in growth names
Did a quick goal seek. A move from a 20x to a 10x '22 Revenue multiple implies a fall to the $4.50 level. May take some longer term puts later depending how this moves today
Just realized we were comparing gross revenue with net revenue (aka total revenue less transaction-based expenses). In any case, they still missed their 21 forecast and lowered 22 estimate significantly
Yeah i couldn’t find their gross revenue in their Q3 report idk what was up with that.
