have i read this right?, page-3

Thanks for that JID and on most I can see your point although in the interest of discussion I can raise a couple of others.

Last 6 months net better than prior 6. So some modest income growth.

I certainly agree with the transition and the threats to their core product. Unfortunately due to lack of news we dont know what's new in the pipeline. They certainly have sufficient cash and cash flow currently to fund product development

I don't really understand what this means

Extending the roll out of the more recently acquired Plutolife1 products from their Scandinavian base across its network of carrier relationships across Europe and North America
Better understanding the needs of carriers through the transition to new channels, and what Jumbuck needs to do to continue to work with them in effective partnerships.
Building the skills needed to compete for end users within the new channels in a profitable way, and at scale. The acquisition of Plutolife and their Direct to Consumer (D2C) marketing experience, combined with the global coverage of the established Jumbuck network, is showing encouraging results.

Sounds good but scant detail on how it is to be achieved

This bit also sounds encouraging but no detail

We anticipate it will accelerate the growth into D2C acquisition required by new channels, and invest in establishing footprints for future growth in the rapidly evolving mobile ecosystem. It will remain conservative in the area that has driven Jumbucks success to date, namely ensuring that growth is focused in areas where there is a sustainable and profitable business model.

Time will tell I guess. I think news flow will go a long way to alleviating concerns although if as you suggest their business model is genuinely on the way out it is neither value nor cheap. Next six months should clarify either way. In the interim a 10 percent ish divi yield is nice.

Agree liquidity is an issue however I have seen plenty of times were that goes out the window on good news or confirmation of income growth.

I use JMB to sink my profits from others so it is essentially my choice of a free carry. Just got some of those 24/25s so hanging on for the ride now.