Ann: 1st Half FY19 Results Announcement, page-11

They love to go on about their ARR endlessly, but expenses TRIPLED!! from the prior period to 30m over 6 months!

Their 3C in January indicated cash expenses of ~11.7m per quarter, which is still ~24m over 6 months (excl depn/amortisation).

Even if they book 10m in revenues this half, the cash burn will be ~15m plus acquisition costs for Wizdom (which is not going to add anything meaningful to the bottom line in the next 6 months......hopefully that stays EBIT positive).

They had ~22m in Cash at Dec, plus ~5m from the capital raise so 27m in cash which may just get them to Dec2019 if they cut costs......great product, great partnership with microsoft, but 10m in personnel costs (why...I thought this was being pushed to N3) and then a further 10m to N3 every 6 months seems extremely expensive and in my view not contributing enough to ARR.