Ann: Openpay Q3 FY22 Trading Update, page-6

It's amazing how dumb retail investors are bidding up the stock on the back of this announcement.

As rising interest rates and inflation begin to bit arrears are up 133 percent Q on Q aovend bad debts up fifty percent.

Arrears are a leading indicator to bad debts so expect next quarter to reveal bad debts in excess of 3 percent.

Even before that rise nett transaction margin is still negative before deducting Opex costs.

Dedpite the company bluster they can never make a profit.