Further to my bear case, I contact IR, outlining my concerns re: poor cost control.   This si their response:

"In response to your questions:

• I share your concerns about costs, and I am working with the management team to review expenditure. This, as advised at our recent investor conference call (playback available at our website) earlier this week, is currently underway. Recent and planned cost reductions include N3 but are not limited to that. Costs will continue to grow over time as a growing company, but this must relate to sales growth. Sales productivity is one of the most important opportunities, and the management team is working on lifting that through some operational changes and the Company’s refreshed partner offering (where partners sell our products with lower costs to LiveTiles)
• The Board’s strategy, led by the founders, is to grow to profitability and free cash flow generation in the medium term, and tax incentives and grants, although helpful, will not get us there. I would also note that the founders are mindful of dilution, however as a pre-profitability company we have a duty to raise sufficient capital to remain liquid
• In relation to customer churn I will take your feedback to the management team to see what additional disclosures can be considered in future reporting periods"

Summing up, management is seeking to better manage costs, and sales efficiency.   Something to watch over the rest of the FY.   It looks like they are target brreakeven in 2-3 years, so that inflection point is some way off and they may well run out of cash by then.......They are burning cash at about $8M per quarter (taking out grants).   

I hope I am wrong, but my money is on another CR in March 2021. 

Disc: I hold a small/medium position

But I have the s#*ts with management & here is why:

1) For a long time, LVT have demonstrated very poor cost discipline.  They are spending a fortune on contractors (N3), who are basically taking shareholders captial as revenue (LVTappear to be their largest client).  They should have skin in the game - perhaps they should pay them in stock, not cash, as they do not appear to have the right incentives in place (looking from the outside anyway).   

2) Management are so poor in managing costs, that they can't even keep within a target they set just 3 months earlier.   In Q4 2019, they reported they will spend $15 930 000 in Q1 2020.   What did they do?  They spent $17 567 000.  They spent $1.6 M more than they said they would.  Mind you, this exlcudes the CR costs inurred on top of that.   

3) Management then tried to hide the truth by inventing the idea of "underlying opex". Claiming they only spent $16.4 M "underlying op ex" compared to the real $17.6 M.   

I am going to ask IR to please advise when will  stopp p#&*sing shareholders capital up the wall. 

Rant over.........................

I could just sell my shares I guess. 

I might open a LVT councilling thread in the Forum tab. 

Based on the most recent quarter, and forecast growth out to 2021, LVT can reach breakeven within the current cash balance, provided costs are managed to a growth rate below 4% per quarter.   

Predicted B/E point at Q2/Q3 2021 - January 2021.........