I believe that VEND's current problems are a reflection of manufacturing problems at FLEX, not just with VEND but also with other of their customers. FLEX stock increased continuously during 2016 and 2017, reaching some $18/share at end 2017. During 2018 it declined continuously and is currently around $8. During this past year they have had problems with NIKE, eventually discontinuing operations at their plant in Mexico and taking a loss of $30++ million (possibly as large as $100MM). They have also had problems at their operations in India and the CEO of FLEX retired recently.
If VEND can't improve their deliveries from FLEX, I believe they should look for another supplier of their robots, which shouldn't be too difficult given the current state of the economy.
JMO - Alvie
