Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

KEY HIGHLIGHTS DURING THE QUARTER

• Despite project delays experienced in the last quarter, revenue generated in the last twelve
months ended March 31, 2023, has exceeded $3.0M, an increase of 44.9% on the prior
corresponding period.
• Quarterly revenue of $653K was achieved in the March quarter. This represents a -8.6%
decline year-on-year and a -32.3% decline from the record growth recorded in the December
quarter.
• Strong opportunity pipeline continues to build and ongoing negotiations with multiple global
offshore providers gives the Company confidence of further revenue growth in the coming
quarter.
• The Group continues its disciplined approach to spending to help narrow the gap between
revenue and costs. Net operating cash outflow for the quarter was reduced from $1.1M in the
December quarter to $0.2M in the current quarter.
• Net cash inflow of $917K recorded for the March quarter (December Qtr: $714K outflow)
included receipt of $1.6M R&D Claim and $1.25M raised from the issue of equity securities
during the period.
• $2.4M cash at bank on March 31, 2023, provides the Group with funding to continue to scale
the business. Ongoing focus on cost saving initiatives across the remainder of the financial
year as the Group continues to expand and diversify its customer base