Ann: Application for quotation of securities - BTH, page-18

The business has traditionally focused on the US market, they're now making a big push into the European market and APAC.
Hiring sales people left right and centre, there is a lag before the benefits are seen.
Growing by acquisition. The last CR doubled revenue for $100m CR - hardly resulted in any meaningful dilution for Shareholders and gained a whole new customer base to cross sell products.
The company always maintains a big cash reserve to fund the losses for a few years ahead and making a profit is not the main game at the moment. I think the game is to grow the business so one of the big players is forced to acquire BTH.