yes and yes
it does offset, but it’s still on there and when expenses continue to increase at a growing rate, with two slowed US quarters and UK doing nothing, do you know when it will eventually come off balance sheet/offset?
I would say that on their growth trajectory and increased costs, you will see the HY will blow right out and expense to income ratio will be concerning, as will cash burn
people think they have lots of cash but my guess is they have around $250m left, and with the UK not doing much, and a rebrand and re promotion to complete for the new acquisitions, it may run down to $150-$200m
into macro headwinds and inflationary pressures on a retail heavy register, that P&L does not help their case for capital access, unless it comes from another shareholder cap raising.
without a large investor / fund, it will be another 12-18 months before any sort of magic happens IMO
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