Ann: Half Year Results Announcement, page-24

	Column 1	Column 2	Column 3	Column 4
0		B2	M2	S2
1	Commenced operations	Sep-17	Nov-17	1Q19
2	MW built1 (MW)	2.0	2.0	-
3	Contracted utilisation (MW) % of total power planned % of MW built	0.2 2% 11%	0.3 1% 16%	5.4 18% -

As we know, Billing Utilisation is MW actually bringing in $Revenue. Contracted Utilisation is a bit of a leading indicator to this.

It's interesting given how far out S2 is in comparison to M2, yet M2 has no/little Contracted Utilisation.

S1 Observations:
It's also interesting to me the level of Project Revenue over the last 12months is >$8M.
It's interesting to me how Contracted & Billing Utilisation have both jumped a large amount and are suddenly in lock step. Contracted Utilisation is suddenly 94%/Billing 92%.

My theory,
The results are largely affected by the results of a major project rolling through.
That the major project is Microsoft on the back of Azure/Office 365 Success.
Microsoft makes up a big portion of the forward Contracted Utilisation for S2.