Ann: Quarterly Report, page-28

I found this quite intriguing:
"Zip currently has 1.4 million customers with an active Zip account (excluding international
operation being acquired) against an EOFY 2020 target of 2.5 million."

They acquired 147k customers during the quarter (vs 115k for Q1 2018 - not much growth on Q1 2018 despite much more merchants being available!)... and they now have 3 quarters to go to acquire another 950k customers to meet this target... so despite customer growth (which subsequently then leads into revenue growth) dramatically slowing down (no matter what way you look at it), they now need to more than double customer growth and consistently do so for the next 3 quarters with the current Zip platform, all while merchant growth (that leads to customer growth) is half of what it is last year... it would appear Z1P are not tracking well at all on this "key financial target" (the very first bullet point on page 5)... but no doubt we'll see some creative accounting to make sure they get it across the line.

It will be most interesting to see if the market will keep the pink glasses on and sip some more of the kool aid, or start connecting the dots together.