Well, when you make a comment about their model, your making a comment about their operations. Their last quarter reported net cash from operating activities at just over 1.05m. This is comparison to the previous quarter which was -1.75m.
So we have a positive operating margin which is moving towards their target of 20%. Last reported at 18%. Arrears and bad debts are also below target but are expected to move towards industry benchmarks. They only used approx 1m from their cash holding last quarter.
Looks like the model is working, but not profitable yet. That's very different to claiming that the model isn't working. I don't think they ever predicted to be profitable at this point in time. They have however predicted to be profitable on a month by month bases sometime in 2018. If this doesn't come to fruition then one could say the model isn't working as well as predictec, but i guess that remains to be seen. But even then it would be premature to claim that the model isn't working.
OS Expansion, page-15
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