QUIS has been hit hard this year on losses, slowing growth and a high debt level (5X cash flow). It raised $6M recently and is trying to improve margins by buying back some sales contract residuals. We would have expected the stock to do better this year with the tech rally. It should be considered very risk in our view and not hugely attractive. MOGO is up 45% this year, but the stock ($1.09) was more than $11 in 2021. At $81M market cap there is size risk, and it remains unprofitable with negative cash flow. But revenue has been growing until recently. The crypto rally this year has helped the stock. But Q1 revenues fell, and for small companies of course we want to see better revenue growth. It has restructured some divisions. Overall, the company hasn't created any shareholder value and the share count has more than doubled in the past two years. We do not find it compelling.
5i Research Answer: