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

Some charts right to left, some left to right.


Dark blue above light blue = profit, because of some cost control.




Too much flatlining (or client cash falling).



Expense:Revenue ratio finally below 100% = profit.



Hopefully stops falling soon. It has to at some point (if the active traders are legitimately active). As people need to keep some level of cash available for placing trades, even if they're reducing their cash to repay debt or living expenses.



2018 - very high marketing costs due to AFL sponsorship or something.
2020-2022 - good value organic growth.
1 quarter ago - extreme (probably loss making and unsustainable) marketing costs per sign-up.
This quarter - marketing costs a bit less extreme, but still possibly loss making and unsustainable.

Optimal quarters (2021) cost $10-20 per sign-up. Lately $1000-2000. 100x increase. Lifetime value of a user is likely not $1000-2000.