Ann: PEXA Group Response to ARNECC Ministerial Forum, page-30

As ROEROC pointed out nicely re: proportionality of revenue to cost, they effectively have little operating leverage, i.e. to make more margin for each incremental revenue $. So no matter how much revenue growth they achieve, they are spending it just as fast and earning next to no margin therefore a pointless business... You operate a biz to earn a profit / return for shareholders either through dividends or capital gain / value creation. They are value destroying at this burn rate and we will never see a return from these levels as all the value and more is already baked into the share price if not overvalued.

Expecting the market will wake up to this and a fair valuation lower than present to <$12