News: LBY Laybuy Holdings On Track To Reach NZ$1 Billion Gross Merchandise Value Target For FY22, page-39

Depends on what you believe.
Entered the market as an overpriced float with big aspirations in a market full of BNPL hype.
Lots of smoke and mirrors in the IPO document. Created a whole lot of apparent value out of nothing from what I saw at the time. Maybe I was wrong. Thats what HC posters told me at the time anyway.

Second hand idea, lots of growth promises, mature market.
From day 1 as the book has grown, so have the losses. Growth company yada yada.
Problem is a percentage of their " new " customers either never intended to pay, or were using them because they couldn't afford what they were " buying " in the first place. So a large portion of their " income " is overdue fees on something that was never going to get paid in the first place.
Every quarter same blah blah. Look at the growth. Even the way they report on the 4D showing their loss as a change from the previous period of (3,846) so you have to go digging to find the actual cash bleed.

If you think they can grow their way out you hold.
If you think the next period will be like the previous ones and they will run out of cash and people prepared to back them anymore, you get out, lick your wounds and never look back.