Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-21

So I'll try and bring some objective financial analysis to this rather than just plucking some nonsensical quarterly revenue averages.

TTM revenue of $57.3m and operating expenses of $28.3m. Historically, ITDA expenses have been relatively insignificant ($1m tax expense last year) resulting in a 51% NPAT margin. This is consistent with the TTM numbers implying a TTM NPAT of approximately $29m.

Current market cap is $793m giving a P/E today of 27.3X. This is ridiculous enough for a company growing revenue at 75% pcp but, wait, it gets better.

If the 9 year trend posted by @Frogster of posting 38% of annual revenue in Q4 (start of northern summer) holds true, based on YTD revenue of $42.347m, projected FY22 revenue is $68.3m. Using a NPAT margin of 50% (conservative as I can't see them growing expenses 38% in the last q) implies a FY23 NPAT of $34.15m.

Based on the current market cap of $793m, that implies a FY22 P/E of 23.2X. Telstra has a P/E 40% higher than that!

Just think about that for a moment for a company growing earnings at 40% and with new indications and products in development.