Ann: FY22 Annual Contract Value guidance, page-90

Over the last two years, Revenue is between 84-88% of ACV. Expenses in FY21 increased only $1.5m compared to FY20.

Fast forward to JUN 2022, estimated revenue of $136M (from an ACV of estimated $155M), which would nearly make NEA break even (based on the FY21 expenses... + unexpected). Bu FY23 (revenue of $189.51)... well, NEA turns profitable. Although, at this point, I would imagine they will look to expand into another territory. I mean, why would they want to pay Company tax?