Ann: Release of Spenda AR v1.1 to support growth in payments flow, page-57

Agree. I think you can look at BNPL as a guide. A BNPL company can have all the TTV (Total Transaction Value - equivalent here to payments flow) in the world - even in the billions - but if the actual net margin you earn isn't enough to cover costs, then the model eventually falls over. Not suggesting that is the case here, by the way, but BNPL and other payments companies demonstrate that revenue can only carry you so far - it is the underlying margin that's important. Doing $1B revenue looks amazing on paper, but if your margin is 0.5% then that's only $5,000,000 operating income which for many of these companies wouldn't cover a quarter's marketing spend (not so for SPX obviously).

It would therefore be good to understand what net margin Spenda actually earn here, because they you can extrapolate that out to determine what kind of annualised numbers they need to be doing to cover costs.

PS: @Fiendish brilliant whale pic, that gave me a good laugh. Your finest-ever SPX effort.