Thanks for this analysis, very interesting read particularly on...

Thanks for this analysis, very interesting read particularly on the margins. Given the business strategy, the crux is the landing of significant number of Archemy sales to create a reasonable level of base revenue from licensing & support (longer term) and the short term the revenue sugar hits from system sales we expect to see in FY24. Expect in FY25 will be the crunch time for the business, where they will have a clearer view on projected Archemy system sales and if this will be able to sustain the business long term. Or if they need to all push the contract work more heavily with a dual focus. If they do set up some manufacturing capability in US this could be viable.

Expect they will need 30 + customer systems to bring the necessary recurring revenues.

Think the remainder of FY23 will give us a clear indication as we get a view on forward system orders for FY24 and if the AL3 board's aspiration of $25M+ revenue will come to fruition.

I'm particularly interested on the level of the recurring income streams from the commercial Archemy units as this is the core part of their strategy.