Ann: Q1 FY24 MDR Quarterly Update, page-5

Management are somewhat predictable with what and when they publish to the ASX.

A good 4C has been observed to be ready 3rd week of the month. Less than stellar and it's the last week.

This time last year when they knew December numbers would jump, they let the market know via a Market Update November 28, curiously just before the AGM. (The cynic in me assumes these are planned to avoid shareholder unrest and protect their own positions and remuneration. Previous year in November saw a large US$3M COVID program announced).

They then lobbed some news with confirmed numbers in late December which triggered buy the rumour, but quickly switched to sell the news after the quarter was published in January (positive so third week on the 23rd). After January, other than mandatory reporting and the swivel chair of board, secretary and exec changes, was a nothing burger with news.

Sentiment and momentum is everything to keep the punters and share price buoyant. They obviously can't be untruthful with their obligations and announce they've struck gold, but I'm sure a couple well crafted, 'entrepreneurial' ASX announcements between January and November would be well received.

With $25M revenue for September (only $19M receipts?) and this being a 27% jump from $20M last year and with contracted programs up, I am anticipating the same/similar cadence of news flows over the next few months. It's entirely possible December might end up being the hamburger with the lot at $45M-$50M revenue ($41M pcp), which is nice to gorge on, but Q3 and Q4 typically ends up being a burger with no meat.

I'm sure Management read these boards and hope they're able to take away some of these constructive criticisms and suggestions to shore up the snakes and ladders with the share price. The pattern is evident but somewhat opposite, the ladder is steep for a couple months and the snake is long.