i use NIM to break it down on a unit economics basis. I ran my own maths and if they made a NPAT in the Sep quarter, it was tiny.
bottom line is losses seem higher than they model, the model looks broken.
in each ASX release, search for un-restricted cash balance. That number keeps dropping (after you adjust for the equity injections). Which means something needs to change or more equity injections required...
Ann: 1Q24 Trading Update - Strong Revenue and Lower Losses, page-38
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