You're right that it is a worry - and many are scared of...

You're right that it is a worry - and many are scared of investing in lvt for this reason.

You also need to remember that revenues aren't linearly increasing. It's clear ARR is growing exponentially - requiring investment of course. Receipts lag that growth by about half a year and thus are also exponential in nature. If you look at a time series of costs you'll see lvt base opex is not growing exponentially. It has undoubtedly flattened in last few quarters, hence the improving burn. I am of the opinion that this will continue.

In the long run, exponential revenue beats linear opex (even exponential of a lower rate) regardless of initial non-zero amounts.