challenge is the cash burn........they had ~10m in cash outflows...

challenge is the cash burn........they had ~10m in cash outflows in FY2021 (including lease and payment for capitalised R&D)

in FY 2022 if they plan to spend 17.5m in R&D, it's 7.5m more....that means that they will actually increase cash burn given their margins

also it should be noted that their margins are very low (at 60%) for a SaaS business so they need to generate $1.65 in revenues to cover $1 in other costs

Given they have also flagged an increase in FY2023 on R&D (again another 6-7m step up), they need to generate at least ~16m more in revenues each additional just to stand still (cashflow wise) ....and that is if you assume no increase in other expenses

market seems to like the strategy, I hope mgmt know what they are doing