Next quarterly

Regarding the quarterly, I think the key number is the revenue, and then perhaps
confirmation we are still EBITDA positive. If they are increasing synergies and cross-sales
as everyone hopes, this will show up immediately in the quarterly revenue.

For 1Q, revenues were reported as $15.163m, which included 2 months revs of Seer, and 1 month
each of Airloom and Ludus. For 2Q, we should assume there will be 3 months revs from all 3, and
also 1.5 month rev from iQ3 (completed 12/11/20). If there's no growth, I calculate the 2Q rev ought
to be $23.545m. So this is a baseline figure to have in mind for the next quarterly result.
"Organic" revenue growth for 2020 for TNT companies looks to me to be about 7% a month on average,
so for the 2Q, the final revenue might be expected to be around $28.8m. Any income derived from their
partnership with Optic Security Group (NZ) in 2Q would be additional revenue on top.

The rev figure for the 3Q will have another 1.5 months of iQ3 (~$3m), and some component of
Lateral Security (depending when that acquisition is completed), plus an organic growth rate multiple.

If TNT's 2Q revenue is indeed $28.8m or higher, that's well on the way to achieving the $37.5m/q ($150m/y)
run-rate they have forecast for the end of FY21.

All IMHO, DYOR