Bending Spoons Is Too Risky For My Liking

Impact · against what's priced in

Bending Spoons (BSP) faces significant valuation pressure due to a massive disconnect between its $2.61 billion pro forma revenue and a meager $22.4 million profit. The combination of poor operational margins and a lack of financial transparency makes the recent post-IPO price volatility a reflection of fundamental risk.

BSP−0.60

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In context

The company's extremely thin profit margin—$22.4 million profit on $2.61 billion in revenue—combined with a lack of 2026 guidance and cash flow data, suggests significant operational inefficiency.

Read from the article alone

• guidance
• BSP
• acquisitions
• ipo
• profitability
• transparency

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