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Upland announced its Q4 results. While it beat its Q4 guidance, its 2024 guidance gives no clarity about the company’s future directions. The company will continue to see a downtick from the sunsetting of legacy licenses but only 3% organic growth from its core products. And while Upland continues to tout the many awards its software has received and the 130-person strong Center of Excellence, the results, especially by revenue, show unclear Product/Market Fit and lackadaisical execution.
Last year I wondered whether perhaps it was priming for an M&A. Now I’m not as optimistic. If you use the 6-9x EBITDA metric that LinkMobility uses for its targets, Upland’s valuation is negative. The public markets clearly haven’t been kind. If you had invested $1,000 in January 2020, it would be worth $78 today.
Disclaimer: This is not stock advice. Everything about the messaging business interests me, including asset pricing. Use your judgment to invest your money.