Ann: Q4 FY25 Quarterly Activities Report & Appendix 4C, page-5

forget about the increase in COGs as a % of sales.
forget about the fact they don’t report dollars for the test business and only report volume currently.
forget they said they would have ample capital less than 2 years ago.
forget that their business is actually not growing, and they only acquired the UK business half way through FY24, which means their reported number isn’t a true reflection of performance. Looking at their quarterly number and the last 6 months they aren’t really growing sales.

the question is, what happens if they aren’t able to grow ~100% in testing sales in the next 12 months and deliver on the break even promise for the countries? Should we be pricing in another raise at 20-30% discount?
how will sonic respond who has committed $30m and the business will be worth about $30m by then, then means they lost 75% of their investment…. Do they take it over at a discount or just walk away knowing they learnt a lot which they can deploy in their business as needed.

im holding but if they don’t deliver a good quarterly, then we must reconsider as retail holders that we don’t get screwed.