I’m not sure you’re factoring in all the one-off costs...

I’m not sure you’re factoring in all the one-off costs associated with getting the ETF listed as well as the annual ETF costs which were payable this quarter. I think a lot of this was in the $1,013,000 that you refer to above.

For the preceding 3 quarters, their product and operating costs were around 60% of revenue. Assuming the costs I refer to above were around $280k, this would bring it back to ~60%.

The other factor to include is the 0.25% reduction in interest rates on 2 October. This external factor would have reduced revenue by around $80k for the quarter.

I agree that it would be better to have higher margins, but I think the increase in sales required to break even is significantly closer than suggested based on cost margins.

I think it is worth taking stock and comparing YOY comparisons:

Revenue (Dec Quarter) = $1.2m vs $0.5m
Traders = 21,716 vs 9,369
Client Assets = $1.7bn vs $0.7bn
Cash Assets = $136m vs $61m