There are a few potential catalysts before they get to $20m ARR.
On the call they hinted that an acquisition could be close. They have some experience with acquisitions and something synergistic would be positive (assuming they don't buy something too cash burning).
And Bebop launches next week. With Pearl Diver they were giving monthly sales updates early on.
Having a look at the numbers, I note that cash costs went up roughly $3.5m to about $12.5m. That is in line with expectations at the capital raise that would add cost to accelerate growth. Staff costs up about a $1m, Other Operating Costs up about the same and Marketing up $1.5m. Other Operating Costs is stuff like contractors. There is an interesting example in the notes:
" During the year, the Group entered a contract with a software and AI development company for a minimum monthly fee of $60,000 for
a period of 24 months from 1 November 2024. Work commissioned under this contract may result in capitalisable software development
costs (2024: no commitments). The Group has no contingencies as of 31 March 2025 (2024: no contingencies)"
Those extra costs have increased cash flow breakeven to about $17m revenue in theory (assuming 75% gross margin). So should be able to say that they are cash flow neutral about when they hit $20m ARR.
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