I know I was struggling with valuations a day ago and was hoping+praying they were using the ATM or something. I just could not look at the enchilada and feel good about it. I feel much much better now. They moved a truckload of shares at 1.90, they could even withstand very rapid dell erosion (which I have been fearing) and still get to the other side of "the plan". Now it just comes down to the plan. dell was 2m in revs last Q, deficit runs around 1.5-2m, call the whole thing 4m if dell goes poof.
The plan (in my vision thingy) is for
Samsung to replace some of Dell. In Q3 it would be cool to get $1m but obviously have no idea at all, in a crazy mood I will draw a line with two points, in a stupid crazy mood with one point, currently there are zero points - so I like $1m Samsung Q3.
Then some organic growth of the small stuff. +250k in Q3.
Then, of course, the larger non-OEM carrot thingy's (govs both sides of the pond, all these VSC carrots) ... +$2.75m Q3.
It is acceptable for all of that to be Q4. but those plan thingy's add up to $4m, and that at first blush would constitute cfbe on the backs of an (annualized of same Q not ttm) 32m revs.
The state-able changes in cash flow, coupled to at least some cash on the balance sheet could afford a decent P:S.
It looks much more plausible than it did a day ago from a lights on perspective and immeasurably better than it did a short while ago when they were staring at a 1/3rd rule (do people even remember these things!@#!@#???) and a months worth of cash.
like it.
The above content is my opinion.
