Road to Profitability, page-19

I did miss the “for most months” phrase MP. In fact I have needed to run it through a couple of times to pick it up as that. My interpretation of the commentary is that the FY2019 first half financials will be red but the second half from December will be green. Whether FY2019 as a whole is profitable will depend upon the later green months totalling more than the red ones, but FY2020 definitely should be profitable.

Being able to report positive earnings overall for a financial year is important, since these figures are taken as definitive for the generation of comparative performance metrics such as ROA, ROE and P/E ratios on which investment decisions are made. Until then share prices are likely to remain determined predominantly by trading decisions, which has acted as a lead weight for years.