Adesto is more than meets the eye

Adesto (NASDAQ: IOTS) doesn't look like much on the surface - flat revenues, consistent losses in a heavily commoditized business - computer memory. So it's not surprising that they just reduced their proposed price to $7/share with their tier-2 underwriting team of Needham, Oppy and Roth. It'll be a very small capitalization company at the new price - just over $100M.

But some further work is justified because underneath flat revenue growth there has been very rapid growth from new products with a steep drop in revenue from legacy products. At this point . . .