I'm reluctant to leap to the defence of my worst performing stock, but it is inaccurate to say "absolutely nothing" suggests the company will ever turn a profit.
As NavyDiver highlighted in a previous post (https://hotcopper.com.au/threads/an...rce-provider.3324750/page-26?post_id=23684163):
FY2013- Revenue $0.7m. Operating margin -368.5%
FY2014- Revenue $2.2m. Operating margin -146.2%
FY2015- Revenue $4.3m. Operating margin -35.6%
FY2016- Revenue $11.6m. Operating margin -23.8%
The company did appear on a "trajectory" to become cash positive, before hitting a wall with their expansion/changing strategy/whatever the actual reason was.
For better or worse (or more of the same), SMA has reset its strategy now and the past two quarterlies are skewed as a result:
Q1FY17- Revenue $1.3m. Operating margin -96.0%
Q2FY17- Revenue $3.1m. Operating margin -6.2%
The Q3 expenses will be telling, but I think the Q4 report will paint a much clearer picture of where SMA is at. There was still $2.8m of outstanding receivables at the half-year, mostly attributed to the company's previous high-revenue/low-margin approach.
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