Well if the hypothesis is that churn decay is constant in good...

Well if the hypothesis is that churn decay is constant in good SAAS models then actually user growth matters. Churn should increase as growth increases as % new users are a greater piece of pie then decay as growth slows off a bigger base. % churn increasing with a corresponding increasing ARPU is ok.

I agree that one data point is not much to worry about. But a lot of failed hyped startups have been characterized by top line revenue growth but incremental customer acquisition costs which cascade in a very negative way because of the nature of the business model.

I will say that the latest presentations do articulate the sales strategy and that cashflow in the last quarter was much better, which negated two of my major concerns here previously, so maybe you are onto something. For me the risk aspect of the investment doesn’t add up quite yet.