Viceroy’s report on Tyro is now live.

Over the last week, our research suggests $TYR has “bricked” (verb: to turn into a brick) ~50% of its terminals across the country, far more than numbers suggested by the company. $TYR #thread 1/n

https://t.co/DXD7cfJNb2

It seems that @Tyro has no idea & no way to know how many of its terminals are functional. Viceroy’s extensive channel checks confirmed many customers had bricked terminals & received no communications from $TYR unless prompted. 2/n

Tyro have announced that the recall will be conducted by Amtek, a company with only 250 employees on the job in only 3 states, collecting (allegedly) 2,000 machines a day. Even if @Tyro’s assumption of only 30% bricked machines, collection alone would take 10 days. $TYR 3/n

$TYR is the most underwhelming fintech in the ASX, and more closely resembles a bank. Its major revenue driving activity is simply providing merchant terminals – which have remained largely unchanged for a decade – to SMEs 4/n

$TYR does not have its own hardware: all terminals are 3rd party from Worldline. We have found no other instances of Worldline terminals being bricked recently (including ANZ now), so we understand the issue lies with Tyro. 5/n