WTF, page-53

If you use Enterprise Value (EV) to ARR, then closer 1 x multiple (depending on cash burn, which is the reason for the share price drop, almost 3m burn last quarter). Currently, 7,8m in cash from memory.

EV / ARR = Multiple

(18m Market Cap minus maybe 6m in cash at the end of the quarter) / 10m ARR = 1.2

The issue with the 10m ARR target is the getting to CF+ and continuing growth are in direct conflict (although I do think they will get close).

Be interesting to see over coming quarters, but ultimately it's about the long term sustainable growth instead of continued growth over 12 months and then it fizzles out (I'd rather see moderate controlled growth than can be sustained) without running out of cash / being in a position to raise at a fair multiple down the track to continue sustainable growth.