Not a great report when you dig a little deeper. IMO this is the most important aspect.
EBTDA shows a (7.4m loss) for the year. Once you factor the Q3 (.5m) in write offs (why cocktail this report, and simply include in the figure in Q3)
Add in the 90+ once that is tested by Audit and any adjustment for management freebies, looking like 9-10m loss for the year. Not a lot to show for the growth.
Some of those quarter to quarter numbers are alarming. OPEX increased $1.9m for the quarter, revenue increased $2.1m. Even the jump in loan write offs.
Not enough commentary on the write offs or blow out in OPEX costs, they even admitted that they were caught behind the curve on the lending margin, cannot see that changing much in Q1.
Cannot see the 1b loan book attained in 2022 CY, probably 2023 CY.
On current run rate, this is 1-2 years away from being profitable.
Not a great report when you dig a little deeper. IMO this is the...
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