7.2c Dave must resign now., page-70

I think the Thor piece is over-valued by many here. The description of what they provide Thor is murky at best, at worst they're doing little more than running an Azure tenancy hosting Thor's back-end services as a managed service, which although is better than nothing, is a low-margin business not in keeping with their current (smart-lighting) or previous (smart-cities) direction.

Full disclosure: I don't actually know re Thor, nor do any here as it's not exactly clear in any publicly available material. We do know they make up the bulk of BUD's revenue currently (which should change if the LIFX acquisition goes ahead, which is by no means guaranteed), but the cost of that revenue isn't clear. As I said, I feel it's a low-margin business which is probably why there is little to no effort put into expanding the Buddy Cloud business.

If the debt BUD needs to raise to complete the LIFX deal falls through then the deal is off and the share price takes a further battering. With the current share price and lack of stable revenue on BUD's last two years worth of earnings reports, any debt they'll raise will be at an elevated rate for it to be worthwhile to the lender. If you're thinking a home-loan type 3.9% think again, try doubling that at least. For comparison, LPE, a company with far more revenue which is both guaranteed and long-term, have a debt facility attracting a rate of 10%. It's not a like-for-like comparison but still something worth considering.

I certainly would not recommend buying the dips here, you can always buy more later (my opinion, not financial advice).