Ann: Appendix 4C - 272% YoY growth delivers $18.6m ARR, page-27

The report implies that their CAC seems to be exploding. The market doesn't like the lack of cash conversion from ARR to go with it. Put those two together and the trend suggests growth is exponentially getting more expensive to acquire a unit of sales. That is unsustainable unless its just a one off and next few Qs see a delayed uplift in sales growth at steadier cost levels. Companies with great/unique products should see the CAC flatten out or decline (if true network effect) over time. Ever rising CAC means that the product is not that great or needed by customers who supposedly need it. There is only a limited window a company gets to be able to ramp CAC before needing to see the fruits of that spending (i.e. the hockey stick), alongside signs that it becomes a self sustaining spend level relative to sales generated. LVT is not showing it and the market is becoming less confident its coming. IF the market says, no, how do they fund a ~$55m p.a. cost base.