re IRR, NPV suggest fully read what you are posting first. NPV...

re IRR, NPV suggest fully read what you are posting first. NPV and IRR include adjustments that approximate the expenses and required return on top of that. NO professional fund manager bases investment decisions on revenue. The only people that do are venture capitalists and early-stage investors. they generally don't use NPV or IRR as there are no profits although they might use a high discount rate. but there is a reason they invest in unlisted companies - so they don't get scrutinised and can run things as they see fit including ignoring shareholder returns if they wish

supposedly high gross margin is getting frittered away so far and then some - everyone assumes its growth and therefore being spent well and not a permanent high cost - permanently resulting in low net margin. Management have not provided anything on this or any detailed performance figures. Poor transparency given its soon to be a $100m revenue business.