Current And Future Valuation 2025, page-57

I have gone with a conservative 1% target penetration by end of 2025.

• Q1: 1 refill
• Q2: 2 refills
• Q3: 3 refills
• Q4: 4 refills

Revenue per Customer Calculation:

• $450 USD x 1.6 (USD/AUD) = AUD 720 per refill.

Now, let's calculate the revenue per customer for each quarter: ( Assumption 450USD *1.6 (USD/AUD)

• Q1: 1 refill = AUD 720 x 1 = AUD 720
• Q2: 2 refills = AUD 720 x 2 = AUD 1,440
• Q3: 3 refills = AUD 720 x 3 = AUD 2,160
• Q4: 4 refills = AUD 720 x 4 = AUD 2,880
• 5-6 Refills from 2026 onwards

Updated Table:

Metric	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Cumulative Customers	10,000	30,000	60,000	100,000
Customers Acquired	10,000	20,000	30,000	40,000
Cumulative Penetration Rate	0.10%	0.30%	0.60%	1.00%
Revenue per Customer (AUD)	AUD 720	AUD 1,440	AUD 2,160	AUD 2,880
Cumulative Revenue (AUD)	AUD 7,200,000	AUD 43,200,000	AUD 129,600,000	AUD 288,000,000

EV/Revenue Multiple (5x) = 288m * 5 = 1.44B (MC) Divided by Shares O/s = 0.79c by YE