RE the share price underperformance.If you have Bloomberg, run...

RE the share price underperformance.
If you have Bloomberg, run the graph that shows share price chart and asx annoucements, you'll see share price has reacted pretty positively to public annoucements. Even more significant if you watch the price intraday. The last few reports i.e. 3rd quarter, this annoucement ... were all good. I don't think there is anything fundamentally wrong with the company. The share price underperformance could be due to the following:

• Market momentum favouring value stocks/COVID losers/economy reopening stories.
• The rising bond yield story played out since Feb and more people expecting inflation to not be transitory => not good for tech/high growth stocks. The ASX tech sector has underperformed market since peaking in Feb.
• We are in May/June i.e. the tax loss selling season. After the market crash in March 2020, there will be a lot of capital gains to be realised this year. Non profitable growth stocks tend to be the victims during this time of the year. Watch small fundies come back into this space on July 1.
• The recent market has been very low in volume, both here and in the US. For a stock that is 75% held by management and friends and insto, share price movements will be exaggerated as the result.

Fundamentally I dont think there is anything wrong with the company. The market does what it does. At one point we will go back to a low growth low interest rate environment where growth stocks thrive. Recent eco data from China indicated the economy has slowed down.

Anyway, as a long term investor, it doesnt worry me. Still trading above IPO price.

If you read their reports, here are where they spent the IPO money.