Headline revenue looks good, but I suspect the reaction today is...

Headline revenue looks good, but I suspect the reaction today is the guidance of for FY20 outlook goal of "maintaining a positive EBITDA" - which was the same as for FY19, despite revenue increasing by 50%. I'm guessing there would have been some expectations of a substantial increase in EBITDA at some point, similar to the $2-$3M jump from FY17 to FY18.

For my mind, the only real question is how much of the increased cash outflow (admin expenses up $1M, admin & research up $670k, staff costs up $460k) are down to spending for future growth vs outflow for the current revenue - and will it keep on increasing in line with revenue? Hopefully it's more of the former, and that margins haven't collapsed - I guess we'll find out in the annual report.