Ann: Quarterly Activities Report and Appendix 4C - quarterly, page-13

I am a new holder and still learning how cybersecurity companies are being valued.

If comparing WHK to TNT, TNT is on track to do 100mil revs, and is about to become profitable. WHK has a MC of roughly 1/4 of TNT's, but it's revenues are significantly less relative to it's MC. Whitehawk MC 80 odd mil, TNT MC 355 mil.

Is this because the relationship with Homeland Security, and prospects this may bring, are of a higher value/ perceived value than TNT's relationships with various levels of Australian government? OR, are the differences in WHK's business model viewed as more scalable/ valued higher?

Something else?

Cheers GLTA