I don't know your financial statements and what arrangements you have with conferences/events for ticketing so of course I am speaking in generalities and assuming some things. Happy to be corrected but generally sub revenue for a software product would be a pretty high margin item and fees from event ticketing would be pretty low margin so if the lower margin item becomes a large mix of your sales your blended margin decreases. Revenue grows and potentially bottom line increases but margins compress.

Again, I know nothing of your situation and was basing this off generalities. You might be getting a 50% kick back from events on ticket sales. I have no idea.

Anyways, I wish you guys the best. Not trying to be a hater. If people will give you a 10M valuation then more power to you.