Financial breakdown All numbers multiplied by $1000
2020 Q1 Q2 Q3 Q4
operating expense 556 619 592 328
ebitda 15 78 352 605
revenue 601 891 1661 1441
gross merchant volume 1592 2203 2631 3350
What is interesting to note is their operating expense control. Q4 operating expense decreased to 328k from 592k in q3. This mostly explains the improvement in ebitda to 605k. For q1 2021, the total gross merchant volume should be at $2.32 million. If they can maintain similar operating expenses in q4, then they should be able to achieve ebitda of at least 300k for q1. I've concluded that ebitda can be 300k for q2 and at least 600k each for q3 and q4. I will estimate ebitda for 2021 of at least 1800k with a decent chance it will exceed 2000k.