Rewardle, page-6

Except that wrong, it does have earnings.

They have 1500+ merchants and they've done that in ~60 weeks - which suggests to me that they're selling something that people want to buy. (source: prospectus)

Their revenues are low because they're clearly still scaling, its a speculative stock.
BUT they've managed to triple their client base while overheads have only grown ~30% and that ratio is only going to improve as they add clients. (source: prospectus)

There is a big risk that their growth rate will slow or reverse but this is a strong tech play by a guy who has successful built these businesses before, now being backed by a strong board and (following the IPO) a war chest ready to pump rewardle into what a marketplace where they are a dominant provider in Australia with no real competition.

This product is valuable man, an incredibly similar company called Belly: https://www.bellycard.com/business/ exists in the USA and they raised $28M based when they only had 700 clients.

I sent my application today and I'm pretty sure that two weeks from now they're going to be oversubscribed.