For myself, I see Wave as a company that is operating its existing business profitably, but has chosen to invest its profit (and then some) in its future. So it has made the choice that investing in a cash pile is worth less than investing in the business' future.
I think that is a good decision. I follow the growth in the top line - as the growth of demand is my key concern. Along with the cash balance.
But I understand those who want jam now, not jam tomorrow.
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