And the push to $3 begins, page-130

I’m not having a go, but $41M is nowhere near rational. This stems from massive misunderstandings of the relationship between cash receipts, “cash profit” (which is a furphy), and NPAT (the “E” in P/E ratio or EPS).

If we assume that your $41M is EBITDA (cause it removes any anomalies due to accrued losses etc) and a 20% EBITDA margins, $41M would require $205M of revenue. We haven’t even hit $100M annualized revenue yet (might get reported today though).

Cash profit is misleading. Cash profit compares the cash received in one period with the expenses in the same period. The diff between the two is free cashflow or ‘cash profit’. But BIG is not a cafe, they run accrual based accounts.

It makes it hard to analyze properly at this early stage, but Once we have more sets of accounts we can start to model a bit more accurately. Plus the USA being on month to month payment will help.

Bigs cashflow and growth is indeed amazing and why I’m invested, but we don’t know how that all translates to profitability (just quite yet)

I am just concerned that people’s investment decisions are led by the wrong numbers - it sets them up for massive dissapointment (in the best case), and massive loss in the worst.

Fingers crossed for a solid Ann today.
Take it easy.