Seven quarters of “record revenue” and we’re still at $3.2m while burning nearly $6m a quarter in operating cash, with actual customer receipts of just $1.2m. The much-hyped US launch delivers a grand $90k for the quarter, which wouldn’t cover a single week of head office overheads, yet we’re told this is “tracking ahead of expectations.” Eight quarters of funding only exists if you quietly count term deposits that were topped up by a $30m dilution this very quarter, not by the business standing on its own feet. Strip out the capital raise and this is still a sub-scale operation with accelerating spend, negative operating leverage, and a business model that needs constant fresh cash to keep the story alive. But sure, keep focusing on TAM slides and “future markets” while the present reality is losses, dilution, and receipts that barely move the needle.
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