Very true but when? For example, 300% growth on $0.1m revenue...

Very true but when? For example, 300% growth on $0.1m revenue are impressive growth numbers but the revenue isn't.

The business model for NEA has changed so dramatically now it has competitors in Australia and entering the US. It's not the 30% NPAT machine it once was and it can't now pretend it has world leading technology. It's been proven otherwise. Add development costs onto US costs and model these against actual revenues (not growth numbers), it's a long way from profitability in my opinion. The US is very difficult and the 20% churn which is substantially higher than Australia suggests those US costs in US$ aren't falling anytime soon. Currently NEA is spending $20.7m for $3.4m in added revenue, equivalent to spending $6 for $1 in revenue.