Ann: SWF 1H FY22 Appendix 4D & Interim Financial Report, page-8

A small highlight - profit on operations up, since COGS improved as a ratio (probably from renegotiating with OM) -


That's not to say that they were profitable, but that the cash burn was not that they were 'losing money on each trade' as some people previously said, but that the cash burn is just due to marketing/staff investment.

They're investing a lot in staff - more CS since gamestop, crypto release, changing app development to in-house etc. So those have an immediate expense, for future expected revenue.

Then marketing I think goes hand in hand with the staff investment. If you're spending lots of staff, then you might as well max out user growth, to keep those staff at full capacity.

If they didn't spend on marketing, the cashflow would look better, but the staff expenses would be a bit more wasted.