I am a lot more conservative in my timeline for breakeven, I think it's at their Stage 6 phase where they state:
"High Growth, SAAS Success" with revenue growing from $36m to $72m.
Each stage has taken roughly 2 years each so far so Stage 6 would start in 2028.
Reason for my thinking is Stage 4 and 5 is all about international expansion with US, UK and new regions overtaking ANZ which will require initial loss making investment for growth.
I am hoping their total cash outflows can be reduce to something like $4m which would be a 50% improvement on current run-rate.
So assuming $4m in cash outflows for say 6 years, the dilution would value IHR at around $40m at current share price.
$36m of revenue in 2028 at a 4x revenue multiple gets us to a $144m market cap.
