Ann: AML3D to Establish USA Facility following Capital Raise, page-55

Lot of promise here and exciting to see the US expansion if it opens door. It would have been great to see the US side funded either out of growth, in partnership with a major contract, or paired with some grant funding contribution or similar. At least having a major contract on the table contingent on the US facility to help sell the narrative on the raise would have been good.

Great to see more transparency around the business model as well - still looking for signs that sustainable ARR is being built (we're selling licensing/maintenance/support at a pittance given the low volumes, but that could change quickly).

Little nervous about what "resize the Australian business operations" might mean, the CR getting over the line given the share price has quickly fallen so close to the raise price, and cash flow. On the latter point keen to see the March Quarter numbers - given AL3 like to celebrate and announce every win (see the 50% milestone payment completion announced today), and given announcements of that nature have been scarcer this calendar year, I'm figuring that cash on hand might be in the $2-3m range. All good if the CR is smooth and new contracts start to land in the June quarter.