Ann: Quarterly Activities Report and Appendix 4C, page-30

RBA raised.
Company could have been break even.
But the high marketing spend left them cashflow negative when some market factors were in their favour (not sign-ups or trades, but interest rates).
Which leaves retail investors less enthusiastic "unending cash burn, even when they reach #2/#3 market share".

But the marketing spend might be a one-off for the brand release. Somebody should ask them to justify the marketing cost at the AGM.

But big holders would be thinking - is the company good value at this price, and if the marketing cost is a one-off, then what will cashflow look like soon? And will any of the competitors disappear?

Stake - probably high cash burn, but a high cash balance to fund it.
Superhero - questionable future.
Pearler - questionable future.
Selfwealth - a sufficient cash balance relative to the cash burn, and cashflow likely to improve if the marketing budget was temporary for the brand release.

I think lots of companies are running into trouble after over-hiring due to the previous COVID demand.