Ann: Quarterly Business Review and Appendix 4C, page-6

JAY is a relatively small company so they can't do everything at once. Building out the network should take priority over deepening within a market or more general marketing. They appear to be growing the business from the perspective of what is best for the current investors (i.e. slower than what would be possible if they took in a large amounts of investor cash). In someways they are running the business more like a private business than the typical SV startup like Uber & Lyft which are money bonfires.

The airport transfer business is certainly a small niche in the transport industry. While it has suffered some loss of business to Uber and Lyft, I doubt it is going away given it's specialised nature. What it really needs is a player large enough that it can chase the cowboys out and enforce some sort of quality control.

We should not forget JAY's new medical transport business. This might prove to be a very good niche in time.

JAY has done everything they said they would do which is quite a novelty in the ASX listed tech market. What is surprising is it has got almost zero market interest. I tend to invest in these companies (sometimes I wonder why), but one thing I have noticed is they can suddenly become the flavour of the month for no obvious reason.