Ann: US SEC Form 10-Q, page-32

Take a more detailed look at the unit economics prosperity. Interest expense as % of company revenue is not bad as Sezzles reliance on financing is not excessive, unlike other bnpl. Take a look at the March Qtr, approx $3m interest expense against revenue of $35m. Or <1% the $370m UMS.

Bad debt % down to 0.5% of UMS, or 5% of company revenue.

Transaction expense now the biggest variable cost which they are working to reduce with the shift to ACH incentive/ processing fee. Approx 2% of UMS

Revenue margin approaching 10% UMS

Other costs are fixed and so an increase in quarterly UMS of say $50m may result in an extra ~$4.5 - $5m of company revenue, then take off the variable costs (tran, bad debt, int). I think you'll find there's some fat leftover.

The business model is right-sized and just needs more top line growth.

lastly the NASDAQ tech index is absolutely flying at the mo, great time to be preparing for listing.