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I'm wondering about the negatives to this report. NTA has fallen...

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    I'm wondering about the negatives to this report. NTA has fallen considerably. Cost of revenue almost doubled without the doubling of revenue. Most increases in staff and R&D. What else is there to R&D?

    ARR looks really good. Currently trading on 15 times price/ earnings but cash has fallen near 30%.
 
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Currently unlisted public company.

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