While revenue growth is strong, stock price is influenced by several other factors:
Valuation is based on trailing 12-month revenue, not just the latest growth, and our valuation multiple remains consistent (slightly up from 9.5x to 9.6x revenue).
There’s been some dilution due to new shares issued, which affects the per-share value.
Enterprise value includes debt, and we've recently raised additional capital through convertible debt, which increases overall valuation without directly impacting the stock price.
Different parts of our business (e.g. lending vs. investor platform) are valued differently by the market.
That said, we believe this is a strong entry point given the company’s growth trajectory and profitability improvements.