I know what you mean, but I reckon the huge majority of the 7,000 installations claimed are probably static aerators for centralised plants from the Aeromix suite, or other such small installations. They're all likely to be simple off-the-shelf sales with no ongoing revenue component, save perhaps some replacement parts or other maintenance requirements. I guess they'll still be selling them regularly (I recall one announcement which included a US$1m bulk sale to a utility in South America I think), but they probably only make up a few % of our revenue I would hazard.
What we obviously need are (problem-less) major plants with their circa 20% margins, and bulk sales of SPS with their 30-50% margins to sustain and grow the SP. That's at least until we expand recurring revenues to a significant level. Hopefully sales of smaller products continue to grow and contribute, but I doubt they'll ever be highly material to the top line.
So, first of all, I think we'd all agree the best chance for near-term growth is those straight sales of Smart Products Solutions on a clearly regular and growing basis (no certainty there yet, though), and that means China needs to start really happening for us. I think we're all ready for that ramp here on HC. There is security from the larger contracts like Ivory Coast too, and long may those increase in scale and be executed without dramas or disasters. Significant RR is a longer-term aspiration - but that will present real security to investors in this company some day. Imagine a globally dispersed water utility selling clean precious irreplaceable water to businesses and governments where it is needed most, at a lower cost than anyone else can, and via an army of small plants which for the most part run and manage themselves.
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