Almanakkakin has been writing about Admicom too 
I don’t own Admicom, but I have been keeping an eye on it for a while. In principle, it is a high-margin, recurring revenue vertical software (construction industry ERP), with a debt-free balance sheet and a 30% EBITDA margin even when the entire sector is in a deep slump. On paper, it is exactly the kind of good company in a cyclical trough that I am looking for.
However, the Q2 report (or rather, H1) did not bring me any closer to a buying decision. Actually, every single thing that I would like to see turning around moved in the wrong direction during the first half of the year, or at best, stagnated. ARR started to decline, a profit warning was issued in June, and the Admicommunity shrank (staff were laid off).