It's not clearly laid out anywhere what their customer concentration is (i'd love to know what their top 5 customers contribute as a % of revenue) - the biggest ever single customer licence software sale they've done was $6.3M, in June 2017, which i think (but not confirmed) was to Glencore.
Whatever the customer concentration has been historically, i suspect it's gradually going down given they claim they're winning new software customers - most recently in their 1H20 presentation they claimed to have won 11 new software clients, in their FY19 presentation they stated they won 15 new customers, and 25 new customers in FY18, so that's 51 new software clients in the last 18 months. Most of these customers start small by buying specific modules to deploy for a specific problem or into a specific division / asset, and the hope is RPM up-sells them into a multi-module enterprise solution over time.
RUL Price at posting:
99.0¢ Sentiment: Hold Disclosure: Held
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