There's some serious #$@%! going on here with that Agnity transition.
They recognized almost ZERO Initialization revenue in the Qtr on 2921 assets, citing the "timing of the Agnity transition" WTF does that mean?
They recognized only $4.7M in recurring rev on 67,471 assets, despite generating $6.625M in recurring rev back in 2021 Q3 on 63,453 assets. So where is the $2.8M in recurring rev previously lost from "paused" assets? Mcmeekin specifically told us they were all back online to start Q2. Did they recover that and then the "timing of the Agnity transition" took it away again?
Generating $117K in Proj Serv rev, when they told us they would be back up to $2.5 - $3M with no restrictions? What about the backlog that should be around $10M even if they didn't do a SINGLE DOLLAR of additional business since Nov '20. Why are they not implementing the backlog? Does it even exist?
Rather than telling me they "remain on track to achieve our target of 90,000 connected asset and workers by the end of year", despite needing to implement over 22K assets in 2 Qtrs to get there, I'd rather they just call me a F'ng idiot and kick me in the nutz. It would be less insulting.
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