For the three months to September 30, the company generated $US10.4 million ($14.3 million) in revenue, up 1177 per cent on the previous corresponding period. It also hit EBITDA profitability, with $US6 million banked in the quarter.
But thanks to losses on embedded derivatives held at fair value, accelerated share-based payment expenses and interest expenses on convertible notes, on a net profit/loss after tax basis, the company was firmly in the red, reporting a net loss of $678.7 million for the quarter.
The company has a big register of Australian investors, including insiders, their families and friends and institutions, who will be watching it closely. It’s expected to seek a listing before the end of the year.