Ann: Investor Presentation - Quarterly Results, page-40

To bring things back to basics, the share price is lower than 12 months ago, however, the business appears to have genuine visibilty to CF+, revs 2.4x of last half year, cash receipts from customers up 88% on last half year, licensing revenue alone up 49% on last half year, and therefore a relatively low overhanging threat of a cap raise.

We can see the business is now 12 months down the line on several POCs, and clients like BAE and ANI on the books, along with SAP, Hanhwa, and Toll publicly acknowledged via various announcements and presentations, along with KPMG's OneDefence lingering around, not to mention European expsoure like Bank of Finland, etc.