Ann: Swoop FY21 Results, page-27

@Oscar09 I think you're simplifying matters a bit too much here, and I'm not sure you actually understand the business.

If they've acquired 30,000 subs, and you apply an average CLTV (customer lifetime value ) of ~$8,000 per sub - you can quickly understand the future value. I'd encourage you to study the unit economics per sub, and read through the prospectus (it's quite good)- not just the current financials.

Of course, there is executional risk. However, if you look at the management team, it's extremely impressive.
If you look at Uniti Group (ASX: UWL) - that's what's possible when the right strategy meet the right execution...