WZR Significantly Undervalued vs Market Leader, page-8

Wisr originated more than $29 million in new loans during H1FY2019, up 437% on H1FY2018. From this around $27.7m was onsold to institutional investors therefore their loan assets available for sale will have increased by around $1.3m. This is an important point as while the cash balance dropped by $2.26m this quarter the loan assets will have increased by around $1.2m meaning that the true cash burn has reduced from around 1.2m last quarter to around 1m this quarter. With revenue generation gaining momentum and costs having flat lined/dropped the burn by mid year I believe will getting very close to zero/CFP. This of course assume they continue to achieve such strong growth.

Unaudited half-yearly (H1FY19) revenue was increased 56%, up to $1.2 million (H1FY18:$759k). FY18 total revenue was $1.6m, given the acceleration in growth rate my expectation is that for H2FY19 the revenue will exceed the FY18 full year revenue so over $1.6m which would set a full year target around $2.8m. With the last HY revenue growth being 56% then that would give a target of $1.87m setting a full year target of over $3m revenue