Ann: Appendix 4D and Half Year Accounts, page-6

Not bad... To be fair they are doing a good job of managing costs and an increase in costs for employees and benefits is an investment in talent. If they have hired new staff and are investing in their software and tech team, then it's a good thing. Everyone's salaries are pretty low comparatively and Andy takes most of his in shares. IMO they are doing a good job atm with costs and cash burn.

IMO reinvestment in staff might be coming because they are confident in profitability. To be fair haven't had a raise in a while and they have been running on hot air.

My key takeaways:

- They got AS9100D and just didn't announce it until this report. Further Boeing contracts are now on the table.
- They have been producing subsea pipeline fittings for Chevron in the background. Larger contract could be on the table.
- They said 'AML3D is confident it will convert this growing sales pipeline and demand into a substantial number of additional confirmed orders during FY2024.
- They reiterated their desire to setup a US facility and made it sound like they are in the process of doing so (perhaps waiting for contract wins or other talks with relevant parties to officially announce it?).
- They are confident that the current cash balance and order book can sustain them for another 12 months from the date of this report.

Overall, not bad but I'm more interested in seeing how the Q3, Q4 and H2 reports pan out with the increases to revenue. Market will probably turn this red until the material news comes through. Floor at 7 cents? Fingers crossed for further announcements any day now. The re-rate before the next raise is looking very likely.