LVT Expenses, page-37

You're arguments were solid and understandable up until now.

But now you are comparing ARR of $40m and costs of $31m and deducing that it's a bad thing. If ARR catches up, this means that the company will have margins of 100-77%=23% profit including marketing and R&d costs.

Also, ARR isn't just going to disappear (instantaneously anyway) as you imply "before this ARR boom is Over". ARR is recurring bro. Hence the second R.

If we use ARR to represent revenue as you are then I see "77% of the total revenue being spent on staff costs" as being a profitable business with normal margins while investing in growth rather than "ridiculous"