Ann: Unaudited FY24 results, strong cashflow & good FY25 outlook, page-13

Yeah, I don't put much store of value in them reaching $60m ARR in two years' time; I fear they might be creating a rod for their own backs.

For what its worth, I think they will do well to be exiting FY2026 approaching a revenue run rate of $50m pa which, if right, would see them book around $42m Revenue for FY2026, and would be around $15m up on FY2024.

Even if only one dollar out of every two of that additional Revenue dropped through to the EBITDA line, it would mean a $7.5m EBITDA delta between now and then, taking FY2026 EBITDA to around $7.0m.

I don't think there are too many hairy-chested assumptions in that, and if that's the trajectory that is followed, I believe it will be more than sufficient to underwrite the share price.

So sure, it has been a bit of a "gunnah" company in that it has never quite achieved the lofty heights that were seemingly on-offer; however, it has still organically grown its top-line at a decent clip.




That trend can only continue for so long, before the Revenue-Cost jaws start opening. Feels to me like we're at that inflexion point now: