IPO - Felix Group Holdings Ltd - 12 January 2021 #, page-3

Glad you asked because I checked out the prospectus and had a similar feeling. Thing that stood out for me was revenue jumps of only circa $600k p.a. for the last 2 years, against increasing losses from $4.2M in FY18 to $5.2M in FY19 to $7.2M in FY20. It also said $500k of this years rev growth came from a single client. Lucky they landed that one! It's hard to tell how much of that sale was a single one time implementation fee though which you wouldn't want and it may well be. To me that's a lot of burn for limited rev growth. Also seems like a pattern they're going continue with according to the raise which they state should be enough capital for 2 years of operations.......