I wish I knew. For the past year, just about everything has been blamed on "pandemic restrictions". Has it been a convenient excuse to cover a failed business model, or was it a legitimate reason for the dismal performance in 2021? I'd be lying if I said I didn't have my doubts. But there are limits to what a CEO can say and get away with, right? Giving out $70-72M in rev guidance and reporting $26M is covered by their disclaimers. As atrocious as that guidance was in 2020 (and reiterated in 2021) there's really no accountability or recourse. However, saying that you have "close to 90K assets" under contract, as Mcmeekin claimed during the Q3 CC is a different thing altogether, imo. To me, providing false contract info in a public CC would not be covered by their corp disclaimers. Maybe I'm wrong, I'm definitely not a lawyer, but I just don't think he could say that if it weren't true. So fast-forward to the 2021 Q4 CC when for the first time that I can recall since the onset of the pandemic Mcmeekin actually indicated the restrictions were gone. In his opening remarks, while addressing the challenges resulting from pandemic restrictions he said, "... challenges in connecting assets which lingered all through the year, in fact carried through to about mid-March, now that's behind us pretty much everywhere, in fact everywhere is behind us."
So if the contracts exist, and the restrictions are gone, where does he have left to hide? He's also said in a prev call that they can logistically connect 10K assets or more in a Qtr. So if they have roughly $27K unconnected assets under contract, what excuse will there be if we don't get 5k-10K assets a Qtr connected over the last 3 Qtrs of 2022? I sure hope we don't find out. It's definitely put up or shut up time. I'd sure like to see a PR announcing an April connection number next week.
