Ann: Annual Report, page-79

FWIW I think you are doing what many fall for: conflating criticisms about the valuation, with a binary call on whether the company will succeed or fail. You can critique a lofty valuation without suggesting the company is a zero.

Consider: when you get quarterlies, all one can really do is judge the cash burn versus the customer receipts. But when you get the annual report, there’s a wealth more information which allows you to look under the bonnet, notably:

- How much equity has been burned up till this point?
- What is the real P&L looking like?
- How many shares are they issuing each year?
- How much are the KMP being paid?
- Is this ^ commensurate with the actual performance of the business and the returns for shareholder?

And so on. Yet unsurprisingly, most of the comments here are holders commenting on the revenue growth. They’re missing the main story, and so will possibly be mystified as to why the share price continues to struggle along.