So in a highly seasonal business you're comparing a consistently...

So in a highly seasonal business you're comparing a consistently weaker quarter against a prior year quarterly average? I expect the CFA Institute will want to hear about that logic. That's not comparing apples with oranges, that's comparing apples with hippy turtle asteroid amyloid nightnurse. Pigs might or might not fly, but they can certainly jump the shark.

Averaged over the last 9 years the proportion RFC in each quarter of the FY has been Q1 30%, Q2 15%, Q3 17% and Q4 38%. Growth for the quarter was 75% YOY as the company claimed, and if history is any guide the present period could well see the first quarter of RFCs over $20m.

And, oh, shock horror! A company that's belatedly pursuing multiple development programs sees expenditures go up. What's going on with the world???