Ann: Half Yearly Report and Accounts, page-7

I think those numbers should tell you all you need to know why the share price has fallen as far as it has....1H revenues of ~4m and cash receipts of ~5 and a MC of ~110m which to me signals it could go down a lot more

What is somewhat ominous is the statement (my emphasis in bold):
ACV will be reaffirmed following completion of current annual renewal negotiations with key US energy utility customers however is not expected to be lower than US$20.1 million as reported on 1 November 2022.

The contracts were never recurring revenues, but rather mgmts estimation of the revenues the contracts would generate and that never eventuated........my hope was that they would reevaluate the process to derive this number and come up with something that is a little more conservative and closer to client commitments made (well more accurately what clients are going to pay).

It seems this post C4 report was an opportune time to inform the market of a change in how ACV is calculated and a revised number closer to either/both both revenues/cash receipts, but by sticking to ~US20m it seems this disconnect will continue. Not sure how much the market believes these number to start with, but to me it's a red flag whichever way it goes:
- if ACV is down, well the punters have been saying it does not make sense for some time so finally (and the market pukes itself)
- if ACV is up, on what planet is mgmt living on when they are saying ACV is >USD20m when they have not booked a quarter of that revenue on an annual basis)