Historical setup
What FY25 said to watch
From RUA revenue rose 490.6% but the business remains deeply cash-negative
No formal targets were provided and no forward guidance was quantified. The release notes strong momentum expected to continue into FY26 and references expanded markets including Germany and the UK. The H2 revenue run-rate of NZD 1.2m, if sustained, would imply an annualised revenue approaching NZD 2.4m, though that would still fall well short of the level needed to approach cash breakeven given the current cost base.
The central uncertainty is whether revenue growth can outpace cash consumption quickly enough to avoid further dilutive capital raises. The trajectory is improving, but the gap between revenue and cash breakeven remains large relative to available liquidity.