Ann: September 2023 Quarterly Activities Report and Appendix 4C, page-5

Updated RAAS research report here: https://www.linkedin.com/posts/carly-holdings-limited_growth-plans-working-now-accelerate-activity-7123120662667280388-WmlV?utm_source=share&utm_medium=member_desktop

Can't help but feel their revenue forecast is optimistic ($6.3m for FY24, against current annualized monthly revenue of $3.1m), but all depends on marketing drive and deployment of new vehicles. We know the financing is there to drive a strong year, but execution will be key.

One thing I like about this asset heavy model is that vehicle purchase costs are financed (pushed out, spread out over 5 years or so), but revenue is received immediately and in full. This buys us time to get closer to sustainable cashflow positive business.

Looking at their forecasts in Exhibit 6: not sure why discrepancy of revenue in FY24F and the number above, but suggests no capital raise before operating cashflow positive from FY25. Pretty ambitious stuff and would be thrilled if it is achieved (would start to validate their bullish valuation of 9c per share), but can't believe it given $970k in the bank and about to start a big marketing drive... can't take a business seriously if it keeps raising capital, especially at these levels...