Ann: Q3'24 Investor Presentation, page-8

I suspect plenty of holders considered earlier guidance to be a relatively low bar which might precede a number of modest but consistent upgrades and/or some sort of announcement. I listened to the briefing and I didn't think it added much.

Even the current share price is likely still pregnant with some unfulfilled gaps in expectations between the "new client" metrics and time to revenue coming through the door. Not to mention those earlier international forays that have come to not much.

So based on recent guidance, especially given seasonal variations (pretty good).

But set against some of the likely expectations above (more like meh), hence the relatively poor share price reaction on a pretty good day for the market.