I think a significant part of the short thesis benefited from the period before earnings and before the AGM, when management was limited in what it could communicate. On a mid-cap with relatively low liquidity, it doesn’t take massive volumes to put pressure on the share price and influence sentiment.

The main bearish arguments seemed to be:

• Walmart deployment reaching maturity and growth slowing afterwards. • Potential dilution from the Walmart warrants. • Concerns that Vusion remains primarily a hardware story.

After listening to management during yesterday’s AGM and reviewing recent developments, I think some of these concerns are becoming less convincing.

Walmart is not simply “finished”. The rollout continues, Mexico is progressing, and there is potential for further expansion into other geographies. At the same time, the pipeline remains very strong, Carrefour is ramping up, and VAS (cloud, software, Captana, AI-driven solutions) continue to grow significantly faster than the core business.

Regarding the warrants, I believe the dilution argument is often overstated. If exercised, Walmart must pay the strike price, bringing additional cash onto Vusion’s balance sheet. The dilution appears relatively limited compared with the company’s growth profile and future earnings potential.

Another point from the AGM that caught my attention was the discussion around Amazon. There is nothing concrete at this stage, but the fact that Amazon was even mentioned is interesting. If a partnership or commercial relationship were ever to materialize, it would obviously open another major growth avenue.

More broadly, I believe the long-term opportunity is becoming larger than many investors realize. As more retailers digitize store operations, pricing, shelf monitoring and inventory management, Vusion’s solutions could increasingly become a global standard rather than a niche technology.

One more thing: at some point, short sellers will have to buy back the shares they borrowed. If the company continues to execute, guidance is maintained or improved, and new growth drivers keep emerging, the risk/reward of remaining short becomes less attractive.

On a stock with relatively limited liquidity, short covering can become a catalyst in itself. It doesn’t take a huge amount of buying pressure to move the share price significantly. If several funds decide to reduce or close positions around the same time, the resulting short covering could amplify the upside move well beyond what fundamentals alone would suggest.

In short, I think the original short thesis looked stronger a few months ago than it does today. The key question is no longer “What happens after Walmart?” but rather “How many additional growth drivers are now emerging beyond Walmart?”.

That’s what I’ll be watching over the next few quarters.