Ann: FY24 Preliminary Unaudited Results & FY25 Outlook, page-56

Some back of the envelope calculations:
If we adjust FY24 revenue for the $10 million USD of over-ordering, then "underlying" revenue was $76 million. So instead of a revenue growth rate of 28%, it was actually around 7%. Hmmmm
Looking forward, if underlying revenue was to grow by 20% in FY25, that would take it to a bit over $91 million AUD. If you then deduct the $10 million USD from over-ordering (the "big customer" who over-ordered in FY24, orders less in FY25) then you get back to around $76 million.

So basically, the $10 million USD "over-ordering" completely messes up the accounts. We need to look carefully at the full set of numbers later this month. And then see what happens in FY25. Forecasting where things are headed requires a lot of trust in management and is difficult to do with any certainty.

My biggest concerns are:
1. Underlying growth for FY24 if you strip out the $10 million USD looks very anaemic (see above)
2. Management communication. The "over-ordering" issue must have been apparent for some considerable time. Why only announce it yesterday? It seems the "market" knew about it as early as April or May, based on share price movement.