Shares in mobile application and desktop message board business Reffind Ltd (ASX: RFN) crashed around 8% this morning after the company revealed some soft interim revenues for the six-month period ending December 31 2015.

Reffind’s goal is to grow in the employee engagement space via its software-as-service and cloud-based applications that allow companies of all sizes to regularly communicate with staff on recruitment or employee engagement issues for example, while its Wooboard desktop and mobile application is also designed to enhance employee engagement, communication, happiness and productivity.

The potential of the shared message board to disrupt email in the everyday workplace has been advertised by the phenomenal success of US workplace disruptor Slack Inc. Having only been launched in August 2013, Slack’s blistering growth saw it valued at nearly $4billion by April 2015 in an excellent example of how successful digital workplace disruptors can deliver gangbusters growth for early investors.

Slack is likely valued far higher now and its success is largely due to the fact that decision makers at companies are readily impressed by its usability and potential to improve employee-employer relations and engagement.

Aussie tech phenomenon Atlassian is also looking to get a slice of the workplace message board action with its HipChat application, while little Reffind also acquired its own employee recognition platform and message board named Wooboard in September 2015, as it attempts to chase a similar dream.

Reffind expects to have around 100 -150 paying customers across its various platforms in ANZ for FY16, while it is also looking to expand into Asia and the United States via its Wooboard application in particular. It already has large clients like Suncorp Group Ltd (ASX: SUN), Qantas Airways Limited (ASX: QAN) and AMP Limited (ASX: AMP) using its applications in Australia.

However, management’s strategy at the moment appears to be to give away the products to clients at astonishingly cheap prices, where a 150-employee company for example could sign up to Wooboard for just $450 per month according to the pricing plans on the company website.

Pricing for other Reffind apps is also remarkably low and presumably management’s strategy is just to chase Slack-like growth by offering products at knockdown prices, before looking to lift pricing to more credible levels once the strategy shifts from expansion to operating profitability.

However, all this means the company pulled in just $157,566 in revenues for the six-month period and posted a loss of $2.2 million. The group has just $4.65 million of cash and cash equivalents sitting on its balance sheet as at December 31 2015 and the prospect of a capital raising is likely weighing heavily on investors’ minds.

Unsurprisingly, despite the growth prospects investors have sold the stock down 7% to 38.5 cents this morning as costs increase and the company’s priority looks to remain expansion. It looks a promising business to watch, but given the cash burn and feeble revenues it has a long road ahead of it yet.

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Motley Fool contributor Tom Richardson owns shares of Reffind Ltd.

You can find Tom on Twitter @tommyr345

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.