Good post FFS, but you only want to get contributions from the...

Good post FFS, but you only want to get contributions from the pump squad. You want to ignore the red flags in the financials pointing to a shortage of capital and the squeeze on margins caused by the high cost of borrowing matched against the ceiling on the revenues that ZIP can charge. And ZIP won't divulge that. You also want to ignore the fact that ZIP has closed a whole country division without explaining the costs or benefits of doing it, and without modifying the latest qtly results to explain the impact going forward. As for growth, IMO ZIP is nobbled by a lack of capital - boring and repetitive, but true, and it shows up in its declining customer numbers. BNPL is going to grow and contine to grow in popularity, particularly among ZIPs target audience of people who cannot get credit elsewhere, but will they then beome credit worthy, or will ZIP suffer losses? In Australia the lending market is saturated, the tough responsible lending rules prevent the desired switch over to ZIP Plus and the limits of those who do not convert are downgraded, so the product is going backwards here - the US is the new stage, but ZIP does not have sufficient capital to take on a population of 260 million people among stiff competition and great credit risk. ZIP agrees that it is unlikely to reach breakeven for some time yet (despite all the whacky descriptions of EBTDA gross cash profit or whatever they call it), so IMO the only way to make money out of it is by trading the stock. The very topic you want to leave out of your discussion.

As for its Balance Sheet, it has nothing but a whole load of outstanding loans as assets and an almost matching amount of loans as liabilities, save for some goodwill and accrued losses. That is a red flag in itself and the loss that ZIP will likely rack up this year will only add to it. The only way to fix that up is with massive profits which are impossible or a credit raise, probably equally implausible.

IMO ZIP will make a very good takeover target when the confidence in this industry grows. It could come from a large industrial or a competitor, but the best thing ZIP could do is to continue investing in innovation and market intensity as best as it can until the inevitable consolidation of the industry takes place. As you can probably tell, I would not be willing to punt my money into something like this in the hope that it might be worth something one day - there is no upside that I can see.