Profitability - is not important for high growth software...

Profitability - is not important for high growth software companies (unless they are conservative aussie ones) at this stage.

Software companies at the startup stage have one mission only - Annual recurring revenue growth rate demonstrating great product-market fit at all cost. Money is basically free right now and the quicker you get new logos and increase your ARR to prove market fit, the bigger your valuation is. Cost of producing the software is the same whether you sell it once or 10 times hence margins and profitability is better at scale. This is particularly true for fast growing Cyber software companies where valuations often get to 30x ARR and even higher. for example see $IRNT - 25m ARR, worth 850m (and jumped at one point to 3.2b)

AR9 are too conservative to raise just a measly 8-10m - this means they will have to be super conservative with their plans are not going to have enough resources to expand sales quickly and will need another CR in 6-7months. This should have been a 200m+ CR (ideally even as a SPAC listing in NASDAQ)

Also, regarding another post - many compare TNT to AR9 - 2 different businesses completely - yes they are both in the cyber category, but one is services and the other software. TNT's ARR is extremely low margin as they simply resell other vendor software sometimes at 5-10% gross margin. AR9's gross margin when they scale could be 80-90%.

AR9 - be aggressive, focus on getting new logos and growing ARR top line quickly. Go big or go home.