DR,
I don't believe they are sitting on a deal that is executed. ASX would be all over them. But, I think they may have a deal/s that are in the final stages of negotiation or ready for signature particularly in the gaming and video security/surveillance arenas. This could include more Vegas/North American casino operators, International Police forces as mentioned by others on this forum, School districts in the USA and Border Security agencies. Not to mention their work with Cisco and Advisian. They won't wait, obviously, they will execute deals as soon as possible for the betterment of all shareholders including, importantly, themselves.
Remember it is Management and related parties that control this company from a voting perspective and ownership perspective. Peter van der Made, Anil Mankar and Louis DiNardo are all advancing in age and will want results more quickly than say a 30 something year old CEO, Director or major shareholder.
My view after analysing all of the information at hand is that their collective noses are hard at the grindstone and we will see deals delivered this half in the first instance followed by what I hope represents the floodgates opening with an even bigger deal flow second half year.
Couple this with further product development and I believe we are sitting on one of the best undiscovered gems on the ASX and for that matter any other exchange if you are looking at pure play Ai stocks. If you price in the near likely hood of term deal flow then I think this stock is seriously undervalued even with a plus A$200m market cap.
If they were to list on the Nasdaq or a like exchange I maintain my view that they will be the only pure play Ai stock which will attract a lot of attention from the institutional world. It has all of the right ingredients to be attractive including above all else the people running the company that can demonstrate a track record of successfully growing revenue, developing product and bring that product to market. All three of the team members I mentioned above have this experience in bucket loads.
I've probably gotten a bit off track now though from refuting your orignal point DR.
Anyway...
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