Ann: Quarterly Activities Report and App 4C, page-4

Disappointing at a superficial level, when looking at headline stats such as 3% QonQ revenue growth. But this glosses over the fact that the preceding Q is the seasonal peak for rental activity. The 37% YonY growth is perhaps more telling as it neutralizes the seasonality within growth trends. I don’t have data ready to hand to see the difference in Q3 vs Q4 in the preceding year, but this seasonal impact appears plausible. However, to me, the most interesting statistic is the 17% QonQ growth in ARPU. This represents the increasing relevance and stickiness of RNT services to its customer base.

Break- even may still be a couple of quarters away, but I like the key underlying trends.

All IMO and GLTA.