I disagree, going on a massive building spree is extremely...

I disagree, going on a massive building spree is extremely unwise and a poor use of capital. It will require dilution and is premature.

If Brisbane is at capacity I can maybe understand planning for more capacity there, but it needs to be targeted.

We already know they are being selective in which customers they choose, keeping it a premium offering.

There is a lag time between customers buying capacity, developing and offering that capacity and fully utilising that capacity.

While they may have contracted a lot of capacity, how much of it is being utilised? The power demand figures would be very valuable.

Further the real revenues come from a mature offering, where you getting paying for interconnects etc.

There's a lot of other companies adding capacity at the same time, it would be irresponsible to not take that into account.

Theres some substantial fixed costs which need to be overcome too.
$12.5M for leasing Sydney, Melb, WA. ~$4M for senior management & board, let alone all the other employees.

They are on track but let's not get ahead of ourselves.