They say they make a significant margin from $9.50, so presume...

They say they make a significant margin from $9.50, so presume their cost of providing brokerage to be $5. They also make 50% of their total revenue from interest on client balances. Then there are more revenue streams coming online like ETF. So cheap brokerage is not that much of a limitation, but it's certainly an advantage for growth.

Each quarterly lately has been showing a trend towards break even. With trades set to rise by 50%+ this quarter (my projection, quarterly due in ~4 days), so revenue should rise. As long as expenses haven't significantly spiked for some reason, like marketing of the new advisor platform and ETFs, then cash burn should have improved more.

Q1 - $492k revenue, $1.213m cash burn
Q2 - $522k revenue, $1.415m cash burn
Q3 - $740k revenue, $823k cash burn
Q4 - $1.014m revenue, $578k cash burn (cash burn is finally below revenue. Improving quickly. Not far from break even. But including a $100k+ spike from annual subscription pre-payments)
Q1 - report due in a few days. Maybe $1.4m revenue. Hopefully cash burn closer to break even.
Q2 - beginning tomorrow. Will have advisor platform starting to contribute to revenue, and probably ETF too. Not sure about international trading.

So profitable sounds far from impossible to me. Is that what you mean? Or you mean that they won't be making millions a month?

If brokerage was $12, then revenue may be 20-30% higher per client, but with much slower organic growth and therefore lower clients. Hardly worth it.

I like where it's heading, except for RBA cuts on the cards.