Ann: Appendix 4C - quarterly, page-2

Unfortunately they missed their $32m revenue target by $2m, they explain about half that due to quarterly billing instead of monthly.

On the positive SME customers confirmed up by 94%. These are higher revenue customers ($10,500 vs $1300 residential) however the profit margin is smaller (13% vs 23%). Apparently most of this happened towards the end of the Q.

Also a positive cash flow quarter.

Looking forward, on an annualised basis, 20,165 residential customers at an average revenue of $1300 ea + 1390 SME customers at $10,500 ea puts the current revenue base at $40.8m. Then they are expecting to add 20,000 customers in FY19/20, almost double the customers numbers going 70/30 residential/SME customers. Based on this the higher revenue SME customers will increase from the present 7% to 30% - which will mean more than doubling the revenue FY19/20

A few sold down, I think as long as they are close with their forecasts, this is very undervalued.