Ann: Half Yearly Report and Accounts, page-132

A lot of good points made already (and a lot of ill-informed comments as well).
Their predicament can be easily summarised by saying Tyro has been rapidly spending cash during this growth phase but the 10% fall in capital adequacy in the 3 months ended December is a hugely worrying signal. If they don't arrest the cash burn quickly then a capital raise is going to be required. Management didn't seem to sufficiently acknowledge the concerns during the call.
Given cost base increases largely reflects known expenditure, it does mean that you have to believe that the transaction volume growth story will pull them through - I still do but am getting tested by their overall execution. (I've previously mentioned Tyro's move to a new head office on the top floor of a new building has hints of excess).
Finally, the SP is not at an unreasonable level given that the likes of Square and other payment companies have also fallen in similar magnitude in the last 6-12 months. The era of cheap money is coming to an end and firms who don't make money are more heavily discounted.