Management are well aware, they can't not be as I'm...

Management are well aware, they can't not be as I'm aware numerous holders have mentioned it.
Hence, they see more value in not having ads for now. The home run here isn't advertising, it's exponential user growth of Jaxsta Plus which seems to be the priority. 20k Jaxsta Plus users will be roughly $1.3mil ARR, 200k $13mil. They're over 1k and if it goes to plan will see this continue to grow. Then the API, no idea what's doing there, I think data in the music industry will be important in the future.
But yeah, the cash burn and dilution is the question, can they get decent funding? Picking the bottom will be hard but given the simple addition of ads can generate so much revenue it's a reasonable expectation there's confidence internally of significant growth / investment. Time will tell if that's the case or if they've made a poor decision to not implement ads. I'd prob be ok on the sidelines, but there's the risk of not holding for an announcement of significance. My entry was poorly timed either way given the current price! But, alas I will hold and think it's about as good a spec as any for <$10mil.