I worked out they had burned through $4.9m so if they paid $3.5m...

I worked out they had burned through $4.9m so if they paid $3.5m for IWS then I agree with your maths and that makes me feel a lot better about the $7.5m they have left. So they have a runway of another 5 quarters at that cashburn rate as opposed to the 1 and a half I was thinking!

I can't believe they will have 36% organic ARR growth, very consistent quarter by quarter growth which is increasing, 99% customer retention, 50% gross margin and improving, improving CAC from GPP and they are on EV of 1.3X FY22 ARR?? It's not a terrible cash burn rate.. I mean another 36% growth would be an extra $13m revenue (on the 37m fy22 ARR figure) so a $6m annual loss will turn cash flow break even in ~12 months. If they're smart they can hit cashflow breakeven with the cash they have then raise like Dropsuite did. What am I missing?

Getting ahead of myself and it's only a hypothetical possibility but if in 18 months time theyre at 50m ARR, cashflow breakeven a multiple of 10 x ARR would be reasonable they'd close to 10X from current market cap.. I'd be happy with 2X or 3X haha

Up 5% on open, that's an appropriate response.