It’s been one year since my initial review of Kneat which received a rather encouraging three star review.
In 2024 they achieved 43% more revenue with a 750 basis point improvement in margin while only spending 15% more in opex, all contributing to a Wolf Trifecta. While those initial results had a brief positive impact on the stock, it did not last. Combine that with SaaS becoming a dirty word in the last four or five months and the result has been a 30% decline in share price with Kneat trading at levels not seen since the summer of 2024.
While I did deem them expensive at the time, I did some two year projections modelling their 2024 performance. How did that model live up to their actual 2025 performance, and how should we value Kneat today are questions I’ll attempt to address.