Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-474

I don't think this graph tells any story in the way you are inferring - it simply shows a graph which explains, as you said, "of course they need to spend to grow". If you posted this in another 4 quarters and the graph showed a similar trajectory that it does above, you would be justified in the point you've made. However from this point, costs are expected to stabilise and revenue is expected to grow rapidly and the company is expected to become profitable. The cash burn to this point has been necessary - I think this graph is fairly pointless.