Having learn extra SPAC investor decks within the final twelve months than I’d wish to admit to, I assumed I used to be over being irked by their bullishness. Name me conservative, however public firms shouldn’t be filled with shit, and corporations going public ought to most likely goal for the same goal.
That’s why S-1 filings for conventional IPOs are nice. In the case of numbers, they’re sincere. The filings don’t embrace forecasts for the following yr, not to mention the following half decade. Certain, firms will make a pitch for his or her mannequin and strategies, however S-1 filings are fairly good from an honesty perspective. Principally.
SPAC investor decks are the other. I imply, take a look at this chart:
Historic income? Who wants it! Take a look at the expansion that would perhaps, presumably, theoretically occur! 201% CAGR!
Right here’s one other favourite:
Right here’s a super-grainy picture from the Native Bounti SPAC investor deck. It’s the least-blurry model I might discover. Benefit from the charts!
I’m going to vary the numbers on these, label them “Alex’s future running a blog output” and switch them in earlier than my subsequent efficiency overview.
Right here’s one other nice one, this time from Pear Therapeutics:
What about historic revenues? Or expectations from 2021, 2022 or 2023? Who is aware of!
Given what we’ve discovered concerning the accuracy of SPAC efficiency predictions, I believe we’d like a Godzilla-sized Salt Bae to make all of this palatable.