The ARR is basically back to where it was 12months ago. But...

The ARR is basically back to where it was 12months ago.

But regardless, its irrelevant as 1ST has a special type of ARR. One that doesn't convert to actual cash in any useful period of time.

Going by past results, over many years now, Its very unlikely you see all those ARR as receipts in the Q4 update.

This time last year 1ST reported $5.83m ARR. That is $1.45m per quarter.

This quarter, some 12 months later, the quarterly doesn't even include that many receipts as total cash coming into the company. Sure, it came close at $1.409m but once the $180k of "setup fees" is stripped out, the theme continues.

A metric of Annual Recurring Revenue, that often doesn't "recur" and struggles to turn into actual receipts. For years and years this repeats.