You have to remember, the first few qtrs of most IPOs have a...

You have to remember, the first few qtrs of most IPOs have a number of one-off expenses that are a drag on ocf. And unfortunately, ramping up of staff numbers is a necessary evil to help hit scale.

Pleasingly, annualised revenue, excluding one-offs, is-line with forecast, ~$2.5M. We just need to remember how early stage this is and what's already been achieved. I also think the partnerships they're negotiating should provide added revenue with time.

Also worth noting that even during the IPO roadshowing, the company were clear that profitability was a good 18-24 months away. If you look at a company like EML (who've only gone +tve ocf last qtr, with a $100M+ mc) you'll realise profitability is only part of the valuation matrix as the market is forward looking.