really not sure what to make of this - customer numbers continue to increase at decent pace (5-7% on the previous quarter), but gross profit has continued to languish (and at times fall) in both absolute dollars and gross margin.
Operating cost growth has been more moderate, but still if the gross margin is not improving (even just in dollar terms given higher number of customers), then that throws into question whether this is really a (scaleable) business.
appreciate that there is the derivs revenues which have not factored in, but still hard to see from this 4C how they can continue with their cash balances as they currently stand
Ann: December 2021 Quarterly Activities Report & Appendix 4C, page-2
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