After a capital raising, they had net cash of $32m two years ago.
That has been whittled down to $8.7m at the end of March.
For what it is and given the attractive thematic space in which this business operates, it should be spewing off surplus cash, not torching it at the rate at which it is.
Sure, theirs is a competitive market, but given the massive, and growing TAM, companies operating in the business of employee wellness all have scope to become billion dollar businesses; yet for this particular company it is impossible to know what its capital position in the next 6 month is going to look like, let alone the next two to three years.
So even its current $100m market value might not be too low.
Every time I revisit the company's finances, things looks worse than my last visit.
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LME Price at posting:
40.0¢ Sentiment: None Disclosure: Not Held
