I can't see any red flags but personally I wouldn't invest as I...

I can't see any red flags but personally I wouldn't invest as I think it's fully valued at ~$33M given the limited track record, the potential for increased competition (lower margins) and that there are other stocks in the sector with more diversification (less risk) trading at a lower PE. The growth here though for such a young business is just extraordinary so kudos to management for executing so well to date. This is one I may consider next year (even at a higher share price) once there's more proof that the high operating margins are sustainable and potentially greater diversification of work.