Ann: Half Yearly Report and Accounts, page-22

@Masami, Can I add a few points.

Quite a few of what went wrong in H1 were out of control of the company:

- Polish government proved more difficult than expect to deal with. Appropriate to cut losses and move on.
- US congress not signing spending/delaying agreements which delaying purchase orders.
- Payment delays of Australian contracts.
- Middle East contract withdrawal.

Other issues are management's fault:
- Needed at act faster to bring costs down in line with revenue, once it became clear sales had slowed.
- Poor timing of move to US Ohio office.
- Needed better product understanding and customer requirements.
- Clearer focus on the cash burn.

Having said all that, at current levels, the stock is a buy IMHO. Second half ( June 30 and onwards into 2025) will be significantly better simply on already contracted revenues. $9m in Armor and $11.7m in technology is the base revenue number with several add on in the "pipeline" possibly falling in. A positive EBITDA in H2 could get the full year to breakeven or slightly positive. With any luck, sales of the inventory could lead to an uplift. Inventory alone is $5m higher than the market cap.