I assume the US$2 million DOE contract extension commencing during Q4 FY25 would be part of the $4.5 million. That's about $3.1m in AUD so maximum $1.4 million in receivables, and most likely less than that.
It's undoubtedly a very disappointing quarterly. At the very least it indicates they don't have many clients paying monthly subscriptions. It could be possible that the recurring revenue is not as bad as this quarter makes it seem (a majority of clients could pay annually, with not many renewals occuring in the last quarter), but there's no visibility. I also find it disappointing that they only had 2 US utilities bid with them for the JARVIS funding. Still a decent opportunity there, but I'd have thought they could leverage their existing work with the DOE to get a few more.
It would be good for IO (maybe with Brian Mayfield) to do some sort of investor briefing with RAAS or Lynx Advisors in the next week or 2. Or Coffee Microcaps again, though something a bit longer with more time for questions would be ideal.
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