Record performance for three consecutive quarters and eight out...

Record performance for three consecutive quarters and eight out of last nine months in a row still does not seem to deserve a single comment. Tough crowd!

I expect company to end FY2023 with $500 million in originations (in Q2 it was $112 million). If we assume 2.5% revenue margin and 1% (of originations) cost of capital we will finish the year with $7.5 million operational cash which is the amount to keeps the lights on. Company needs about a billion in originations in order to start seeing meaning cash falling to the bottom line. Will they get there and will they get there without a need to raise money? I think so because BTN has $11 million in cash and they just started scratching the surface with MYOB customers.

It is, of course, a risky bet. But it is also a founder-led illiquid nanocap with tight register and product that seems to be killing it. I hope to not see an end to this record streak for a while.