I think your focusing on wrong side of the problem BL. If RNT...

I think your focusing on wrong side of the problem BL. If RNT gets 30% marketshare it will be a very profitable business. The problem is converting that 30% to revenue requires getting an even larger proportion of the Agents market to convert to the Share Plan revenue model.

From others and my own sampling on the site it appears that the penetration on East Coast is limited thus far. This make sense because they are Perth based company so I think if they can show some traction with SP this quarter in their back yard they will look to raise more capital soon after to invest in a big push on the east coast. They are running lean now and probably don't have the resources in the East to really sell the product to Agents.

They have committed to B/E by year end but this isn't going happen on the historical revenue growth rate. I estimate they will need ~ 13k SP transactions in FY18H1 to get there, (thats over and above current baseline revenue plus growth), that is huge SP growth from where there were in FY17Q3.

Having said all that if they just maintain 20% QoQ revenue growth and control costs they have enough money to last until FY19Q2...so we have time on our side and wind in our sails.