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B

Review of Kneat.com

JUN 12, 2025 - KSI’s critical solutions to large pharmaceutical and biotech firms are highly sticky software. KSI’s customers not only tend to stay with KSI’s platform for the long term, but also expand spending over time. As a result, Annual Recurring Revenue (ARR) – a key performance indicator of SaaS business, which KSI consistently achieves strong growth over the years. In the most recent quarter, KSI reported a 51% growth in ARR. Also, KSI has started to demonstrate cost control discipline, as all expenses consisting of research and development (R&D), sales, and general and administrative (SG&A) expenses grew much slower than sales in recent quarters. We think the company could start to see some meaningful improvement in terms of profitability and cash flow over the coming years. KSI resembles some of the early compounders in the making. We think that if the management can continue to execute, the company could be a great long-term holding for growth-oriented investors. We are initiating our ratings at ‘B’.

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5i Recent Questions
Q: I have held WELL ( at $5.00 ) for years in my growth oriented TFSA and am starting to look around for replacements. The next set of earnings will be important. Am looking at KSI and have read your report and questions asked. Several questions : will the general negatively towards healthcare be a drag on these two , should I sell partial WELL , do you have other ( CDN ) small cap recommendations ?
Thanks. Derek
Read Answer Asked by Derek on July 22, 2025
Q: Can I ask you to comment on these three favourites with your best guess on the potential impact of AI on their future growth and earnings? I'm guessing based on previous comments that if ZDC is already using AI it will probably be net positive. For PNG possibly the same? But in the recent 5i report on KSI one of the potential risks listed was if a major customer developed their own in-house solutions….one could see how AI might facilitate that and end up being a net negative for KSI? Just curious if you have any thoughts or have picked up anything from any public comments from any of these companies? Thank you.
Read Answer Asked by Stephen R. on July 18, 2025
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