I must say after buying back in around 20c , I am disappointed...

I must say after buying back in around 20c , I am disappointed in the numbers.

A company on a market cap of around $50m with around $20m of revenue needs to be seeing it grow at high double digit and to see the operating cash per quarter heading on one direction , from negative to positive and then prove the buinsess model once scale is achieved.

This summary almost suggests the new normal is less volume and a desire to make more money on the cash we keep in our accounts as interests rates rise.

The last 2 quarters show cash burn of over $4m on about $10m of revenue , or in other words for every dollat of revenue at $9.50 a trade which is almost all of the revenue we lose about $3.50. Volume appears to be the enemy not the saviour on those metrics.

The comment regarding race to the bottom on price is very positive , and depsite what Poohead suggests maybe we need to increase the pricing for irregualr traders , and back the profitable client who trades more than 20 times for month at $9.50.

At a burn rate of $7m per annum cash will run out quickly and what growth spin could the board suggest this time , given the pevious promise was high growth and a return to cash positivity would be the outcome of the previous raise.

The $3.50 loss per trade is the issue here , Commsec dont play this game because it is not a commercial offering and the likes of Stake etc are not an apple for apple comparism as it is between Commsec and Self Wealth.

Interesting to see what the unhappy group of shareholders who called a meeting have to say about these numbersmwhich highllight higher employment costs , rent, and litlte revenue growth to justify them , at least advertising dropped a little.The worry is even if you stopped advettising entriely the loss this 3 month period was still $600k or $50,000 per week