A disappointing quarter for Whispir all things considered. In particular the cash burn of around $9 million leaves it with less than two quarters of cash left. Without a loan facility it looks likely a capital raise at a depressed price is likely. Despite this they state they have enough capital to reach positive EBITDA in 2H FY23. This excludes share-based payments. EBITDA is not an audited number and it's notable they haven't set a set a cash flow target.

It seems even less likely when you consider they disclosed a decline in ARR.

This highlights a couple of things. First, when you add it to the fact they expect expenses to stay flat, they're heading in the wrong direction. Second, what does it say about the quality of your ARR if the 'Recurring' bit relied on COVID to continue at the same rate as last year.

[Not held]