Operations are in the US but their investments are marked to...

Operations are in the US but their investments are marked to market in AUD.

This is how I read this section of the quarterly commentary:



The $2.2M related to the financial assets was probably caused by selling $7.5M of 3 month treasury bills during the uptick in yield. I am not sure. The commentary isn't clear on this fact:


So technically, $2.7M was not lost solely due to forex but other factors such as foreign interest rate risk.

Not sure. I am not a F.I guy. But from what I can see they burnt $7.7M in cash (15.74% of the company cash) this quarter [$2.56M per month] with only 64.93%, or $5M, of this due to operational factors. This shows me they struggled managing their US denominated investments for Aussie shareholders.

This month they burnt $7.7M signing 9 clients and upselling 2 with a churn rate of 3.232% per month. FYI, an enterprise SaaS company should aim to have <1% per month. I understand that a lot of these funds may have been spent on eligible R&D tax incentives providing future tailwind.

You can see the issues that the market is having with this company post quarterly.