Ann: Quarterly Update and Appendix 4C - December 2023, page-10

Pretty interesting and pessimistic comments above. They have executed on their strategy to achieve positive cash flows (a quarter earlier than anticipated); scaling the business effectively as they have significantly grown revenue over the past two years.

The comparison to the more 'high profile' competitors is interesting too; no doubt they are haemorrhaging cash and the capital they raised - evidenced by all the paid articles other posters have been posting as 'proof' they are succeeding. These competitors would kill for the supposedly non-tier-1 deals FRX have secured (i.e. the mastercard partnership is probably the most valuable distribution agreement anyone in this space could ever obtain).

Yes its competitive and there will likely be consolidation; much better to be a sustainable business than not in this scenario.