1H18
Total Income 16.0
COS -12.1
Bad debt -2.4
Gross Profit 1.5m
Operating costs -11.5
It is based on these numbers, that they need to 10x their revenue to 10x that gross profit to cover the operating costs, never mind the D&A and other costs.
I can't see the path to profitability. I can't see how anyone can say their business model is validated.
Before anyone asks, these numbers are from the half yearly of 26 Feb, the report immediately after the seasonally largest quarter.
OS Expansion, page-22
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