Ann: June Shareholder Newsletter, page-25

Just to clarify, I'm not negative about this update. It's also clear that dramatic increases in recurrent revenue are occurring. A run rate of $80 million AUD is completely plausible by end of calendar year. I just wanted to share my understanding of how the numbers are changing to highlight that profitability isn't likely this quarter.

I'm still very bullish medium term, my main focus for scrutinising the company is on execution. Projections, interactions, leads, trials, they're all lovely, necessary even. I fear that many (perhaps even the company) have been guilty of counting chickens, hence the disappointment in numbers or at least how quickly they've moved.

Again it's about managing expectation and to this point the tendency to over promise and under deliver has masked fantastic business development and an exciting revenue trajectory. They must must must stop doing this and show they can realistically project the true acquisition of new business otherwise the big institutional investors will stay away. The reduction in announcements is encouraging in this regard and with luck some big announcements and financial progress will shift sentiment back to optimism and excitement and drive the SP to reflect potential once more.