Ann: June 2021 Quarterly Report and Appendix 4C, page-18

I think the tier 3 is the main differential. Even their smaller DC in Osborne park, their capacity are not met as a lower tier common offering. So unless tier 3 is up and running and able to close enterprise clients, I don’t see this going anywhere. Having said that, it’s not possible until tier 3 is actually up and running so I think a bit early to judge and throw in the towel.
The modular is a pure bonus and a good one at that too.
Increase in cash burn is construction of the bibra lake DC. It was only a small amount of racks coming up (refer to previous announcement) so even if the entire operating racks are sold it doesn’t do much to the top line.
Cash burn is mostly in line with prospectus expectations. I think this Q result was factors in the SP and hence no movement today.

The release on a Friday after market isn’t exactly a crime either. I can see how it is annoying but not really worth a reaction imo.