The year before AVA sold the service division, FFT & BQT made $8M+ EBITDA combined (with IMOD contract of course). In FY23, with FFT, BQT & GJD, the company made $1.2M in EBITDA with no earning.
So I'm not sure why are you so impressed with the revenue or how you came up with the conclusion that the service division was replaced. All the growth we've seens so far was basically recovering after the termination of IMOD contract. If you look at the financial status, the company is not doing great in cash flow, which is far more important than the cash position. I'm not even gonna mension the $0.0017 special dividend.
The company is doing many great things and the products are solid, that's why I'm still holding. But I don't think it's rational to be impressed by the revenue. At least not yet.
Ann: Q1 FY2024 Trading Update, page-16
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