Ann: Quarterly Update and Appendix 4C - December 2023, page-11

Not sure where you're seeing flatlining quarterly growth @inversesquare, Receipts keep moving going up at +20% a quarter. Another 4 quarters and we're doing 25-30m a year. Pretty bang on with where my estimates were.

I am missing my usual charts which I use to estimate next quarters $. Maybe the quarterly chart man is on holidays, or they spent the money on the Christmas party instead.

From last quarter to this

receipts 3.0m -> 3.9m
op cost 1.5m -> 1.8m
marketing 470k -> 553k
staff costs 524k -> 671k

@gizard extra 146k in salary costs - so an extra 500,000 of salary over the year (let's say 6 new staff hired?)

Now tech/operational cost fundamentals are resolved they will focus purely on growth (as stated in the quarterly).

I think cash flow positive opens up doors to tenders and company deals that they didn't tick the box for previously - hopefully some that have just been waiting for the box to be ticked, and now the contracts can be inked.

We will see which strategy pays off (Airalo: raise + marketing focus , or FRX: min spend with tech/business ops focus) in the long term. I agree that the FRX moat is looking less competitive, but the true moat is always hard to see with technology companies.

Moat is usually best won through price, service and support which mainly affects their business customers - and becomes apparent after years of working with a company. I believe the Mastercard partnership is a good example of their B2B moat - and something which I hope continues to develop.

As giz said, next quarter is mastercard payments and then quarter after that is ramp into EU summer.

Looking forward to it all - still a believer in eSIM, and hoping FRX have some technical moat behind the scenes.