Ann: Acquisition and Underwritten Placement & Entitlement Offer, page-11

I wasn't meaning to be unfair. But your comment made me look a little deeper into the performance of Spirit under 'JC'.
JC took over as CEO in July 2022. So he has had 2 years at the helm. The following table says it all:

	ST1	FY24	FY23	FY22
1	Revenue	$125M	$127M	$135M
2	EBITDA	($6.3M)	($8.2M)	($46M)*
3	NPAT	($10.5M)	($11.3M)	($53M)
4	Operating cashflow	($4.1M)	($3.7M)	$3.6M
5	Shares on issue	1,366M	736M	664M
6	Revenue by Division
7	Cyber	$51M	$33M	$31.4M
8	Comms	$40M	$41.6M	$35M
9	Managed services	$34M	$52.4M	$69.6M

As you can see revenue has been propped up by acquisitions. Such acquisitions has seen shares grow 105% to 1.36B... Just think about that for a minute. In 2 years ST1 has more than doubled the number of shares with very little to show for it. profitability has not materially improved. Operating cashflow has gone backwards -213%. That is staggering when you consider the acquisitions.

Finally, Managed services revenue has halved. Comms has held and cyber has grown... mainly by acquisition.

All this suggests that the only focus of the company is to grow cyber and I am yet to see that this is a business model that will create value for shareholders.

So, I don't think I have been unfair. In fact i don't think he should be referred to as JC because he's not the messiah. He's just a very naughty boy!