2024-04-15 05:14:26 ET
Summary
- FY24 total revenue grew 47% YoY to $621 million, driven by new customer acquisitions and increased product adoption.
- Gross margin expanded from 66% to 71%, and operating margin improved substantially from -95% to -65%, although there is still a long way to GAAP profitability.
- Currently trading at EV/Sales of 9.7x, representing a 44% premium over the industry average EV/Sales of 6.7x, but for good reasons.
- Projected Forward 3-year revenue CAGR of 23% from FY25 to FY27, reaching $1.2 billion in revenue by FY27, and forward EV/Sales of 5.1x.
- Positive outlook maintained, recommending a "buy" rating.
Investment Thesis
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