SYF: Syft Tech

[Minimoke]

Time for a new thread as 31 May last year they released their annual report, so this years can't be far away.

I am expecting dire things. Their sales team just dont seem to be getting traction.

They have run out of covid and logistics excuses so the past six months ought to have been good. I suspect it won't be.

The "new" CEO Alex Fala has had a wee while now to get things tuned around - lets see what progress he is making. A bit of a "young gun" so I am hoping to see zero ESG type waffle in the report and just a laser sharp focus on productivity. I am preparing to be disappointed.

Last trade yesterday $0.35 down from a prior $0.45. Some insider doing a runner?

[lorraina]

Good product/s,but little demand.

"Bring back Doug"...lol

[KW]

I dont think you will be disappointed in your disappointment

https://www.stuff.co.nz/business/better-business/131199817/christchurch-tech-company-syft-to-shed-20-of-its-workforce

[Minimoke]

News out today not unexpected and hopefully baked into current SP.

Theres a delay in coming out with the Annual results but did today announce revenue is down 49% to $17.3m. And no surprise - there will be a material loss.

Goes to show the folly of having just such a small customer base.

Theres a $5.5m capital raise on the way thay should help keep their head above the waterline for a bit longer. More share dilution though.

On the bright side Q1 orders are 80% of FY instrument revenue (note - not all revenue - so a bit of window dressing there). And seems there are more orders on the way. Also seems their life sciences product development remains on track with launch (and there better be sales) later this year.

[lorraina]

Funny old world.?
Syft have the production capacity,but no demand.
PAZ have the demand ,but not the production capacity.

[Minimoke]

Terrible results out. Other operating expenses way up. Sales and market expenses up, research up. Sales way down from $31.6m to $14m. Seems to me some reckless expenditure happening here without proper oversight of expenses. Inventories clearly not being managed. Good to see the lease liabilities reduced - not sure what they have done there. And despite sales being way down they have continued to spend on plant and equipment - don't they know about belt tightening?

Thet really need to convert current research and sales activity into actual sales. Given their limited current customer base I can't see how it is they are spending so much on sales activity - they only have a couple of key clints. Maybe a few too many champaign lunches.

Time to look at this new CEO - I'm not so sure he is the one to be delivering short to long term solutions.

[Minimoke]

CFO Nicole Robinson resigning. Not a good look when she only gives 2 weeks notice - surely she has to give at least 4?

[Sideshow Bob]

CFO Nicole Robinson resigning. Not a good look when she only gives 2 weeks notice - surely she has to give at least 4?

Agree, would have thought 4 weeks in that sort of position, but probably depends on her contract, or unless it was by mutual agreement.