Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

I exited several weeks ago at c. $18.00 and have moved MP1 to ""watch". Reason: it looks like a long path to generating positive FCF, and revenue growth, though high, is starting to slow. For example, consider the numbers for 4Q y-o-y revenue growth: 89% (4Q19), 56% (4Q20) and now 34% (4Q21). Growth rate would need to be sustained at higher levels for a few years to justify anything above $15.00. So I am staying on the sidelines. Love the business, but can't see the investment case from here. Part of the reason is that while costs seem to be under control, there does not appear to be strong operating leverage looking at the 4Cs over the last 13 x report.