Mate I've been there and invested too early and gotten...

Mate I've been there and invested too early and gotten impatient, the key is to wait and buy when revenue begins to grow and pick up momentum. Look at the growth in ARR over the last 3 quarters. This company is signing up big customers, creating case studies and proving their value to bigger enterprises, they've decreased resistance to new companies joining up onto the freemium model where they can determine how much value TrafficGuard can add/how much advertising budget it can save them before signing up and paying for fraud prevention. It takes time to win initial customers and get the sales momentum flowing. They've said that they are only growing spend on sales and marketing here, the product is developed. They also cut costs at the start of covid and they've only just started to exceed those costs now 18 months later so I'd say their cost management is not that bad. I'd say the leverage in the business will begin to shine from here, but we will see how it looks in the next 4C. I hope you manage to get back in cheaper.