In FY20, Looks like OnContractor received $2.7m of borrowings (which has now been converted into equity).
Looks the borrowings were utilised very well to grow revenue through the UGL Contract which has also attracted more operational costs.
I would predict you are correct with the linear relationship between revenue growth and operating expenses.
This taken from the prospectus section 2.4 (c), which should give a clear idea of what operational expenses are:
c) Operational Activities and Customer SupportThe Company intends to: i) expand its Labour Hire Business and Recruitment Business in Australia, including by establishing an operations and support team in Victoriaand New South Wales; ii) increase engagement with clients through localised customer relationship management, via the operations team, to identify (amongst othermatters) key service requirements for a client; and iii) establish a customer support services team to assist clients and candidates utilising the Hiremii Platform.
