I'd love to hear a well written analysis on why the numbers are to high. The expenses are by definition to high, as they exceed the revenue. If Imint AB had kept the expenses at the same level they where a year ago (-4.953.000), at the end 2016Q2, they would basically be break even now, the end of 2017Q2 (4.909.000).
During the time, their headcount increased from 17 people to 29 people. I don't know much about Swedish engineering salaries, but in Norway, an engineer within a specialized field (like imagary processing) would probably cost > 1.000.000,- NOK a year, social benefits and stuff included. Maybe more if you where located outside the capital of Oslo (like Uppsala), as attractive talent, tend to need some compensation to move away from the Capital, where job offers are plenty.
Based on this, in Norway, such a headcount increase, would cost you at least (but probably more) ~ 12.000.000,- NOK a year (4.000.000,- NOK/quarter). Imint AB's expenses increased by 5.433.000,- SEK from 2016Q2 compared to 2016Q3. So not a lot, when headcount is subtracted. Still, in the meantime they've landed the following customers/models for stabilization and Live Auto Zoom:
* Huawei (Mate 9, P10, Honor 9)
* BQ (Aquaris X5 Plus, Aquaris X, Aquaris X Pro, and maybe some of the four new BQ models which will be announced the next tuesday)
* WIKO (Wim (Live autozoom), WIM Lite (Live Auto Zoom), View, View XL, View Prime (Live Auto Zoom)
* Sharp (Aqous R)
* A development agreement with "ett större teknikbolag i Kina". The last time the words "större teknikbolag" was used, the description turned out to be Huawei. (Sharp was not considered "större" when they where announced as a (by then) undisclosed teknikkbolag).
* A new license agreement with "ett större kinesiskt mobiltelefonbolag".
I think the track record is quite impressive actually. It sure must take quite a few engineers to support all those customers, and hopefully they're still chasing more customers in the same pace as they've had so far. And now, as revenue have just start rolling in (150% increase from 2017Q1 to 2017Q2), I'm very eager to see how Q3 will look. Lot of the phones mentioned above did start to sell right after the start of 2017Q3.
In my view, the costs don't seem high for the amount of people they've hired. And naive as I might be, I'm guessing they keep hiring those engineers/sales-people to be able to support all the new business they're generating, while still continuing to improve their current products, while developing new. I don't think they've hired all those people to have them sit idle.
Where do you think Imint AB is spending to much money? I seem to remember the "TA-expert" "Regenten" mentioning you to be one of the very best at fundamental analysis. I'm not a numbers guy, so I'm looking forward to the experts well thought out and well written analysis on how/why Imint AB's costs are to high. Go ahead, amaze me!
EDITED: Fixed a few spelling/grammar errors (but probably not all of them)