ASX Growth Company, page-8

https://seaforthben.com/2017/10/24/bigtincan-bth-current-unit-economics/

This is an interesting analysis but the figures are wrong. MRR increased by $313k in FY 2017 or $3.8m annualised. Taking the author's gross user adds of 23,652, we get rev per user of $160 which compares more favourably to CAC of $287.

The reason his rev per user is so far out is because of price rises. His gross margin of 80% is also wrong. Gross margin in 2017 was 84% up from 81% and so gross margin on incremental users is likely over 90%.

Finally, the admin cost per user is a complete guess. It is generally assumed that incremental admin costs per user are nominal in SaaS businesses which is why the likes of Xero do not even include them in their published metrics.

Following the same methodology as the author I get a CLV of $1,255 v CAC of $287. The other thing to point out is that you would expect marketing economies of scale over time and so CAC should improve as channel partners become fully established.