Ann: FY17 Analyst Pack, page-19

@sk22, yes, I agree, that is correct, for a rapidly growing company (as oppose to a static company with little growth) revenue always lag behind expenditure by a BIG margin.

So it is not entirely true to say that from a brief snapshot of finances today, that "Currently NEA is spending $20.7m for $3.4m in added revenue, equivalent to spending $6 for $1 in revenue."

Currently all revenue are derived from their 2D offerings, so investors need to go back to at least 2015 (that is before all the 3D & hypercamera 2 expenses kicked in) expenses & then compare their 2017 revenue versus their 2014/2015 expenditures.

Also investors need to compare NEA's growth rate in revenue vs their increase rate in expenditure at least for the last 3 years to get a better picture.