I’ve started researching this business a few months ago when they released their half year and growth was simply phenomenal at 192%.

Now, no business is going to reach such insane growth without paying a price for it; naturally, and as pointed out by @juneauquan ; they’ve had to ramp up marketing spend significantly to reach this. 

So why is this interesting? 

Well, the numbers are actually very good; increasing your spent by $25M to get an extra $100M on revenue makes a lot sense; if you can retain some of these customers and they can come back to pay you some more in the future. 

I didn’t think this business was that interesting 6 months ago; but with the company losing ~80% of its value from its peak, it seems investors may be forgetting how much cash could start gushing in if they turned down the tap of marketing spend and focus on profitability. The valuation would then start to look ridiculous for a company growing at this pace. This is also interesting because essentially Cettire are doing exactly what they said they would do when they went public; using IPO funds to fuel growth. 

I don’t hold this company, but certainly think it’s one to keep on the watchlist.