Ann: Loan Note Financing Raises A$1.2M, page-32

I wrote about HTG core challenge a couple years ago and was shot down by the trolls at the time. The fundamental issue presented then is biting home. Starlink bandwidth is an order of magnitude higher than the traditional VSAT links at 20% the price. A step change in bandwidth at a low price combine to produce a major hurdle for HTG who offer a very nice, obsolete compression service at a high price. Amazon Kuiper and OneWeb are rapidly joining the LEO industry which provide even more bandwidth.
A good analogy is HTG are now producing a fantastic horse shoe in the year 1908, at the same time Henry Ford produces the model T Ford. Great product, Impossibly bad timing.

HTG would do well to recognise the industry reality and pivot to a new market. LEO is the elephant in the room eating your bamboo shoots.