Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-36

You’re not missing anything, I think it’s all been said but I do think you are a bit too happy with 15% (or perhaps 14%) Qtr on Qtr growth in ARR. This is nowhere near enough for a “growth” stock coming off a relatively low base - it’s a poor number. I also disagree with your view that receipts are what matter - yrs they matter *somewhat* but there are things that matter far more like ARR growth, containing costs and minimising cash burn - none of which look great in this Qtrly.

I also think you are hoping that new contracts will be signed to somehow turn this around, and in my experience “hope” is not a good investment thesis.