As the Roadshow way back when the $50m revenue projection was...

As the Roadshow way back when the $50m revenue projection was announced was on the cusp of Q3/Q4, maybe MO meant starting at Q4? It was a ballpark figure, so this is hypothetical (NOTE: the last four quarters amount to $50m):
FY17 Q3 - 1.7m (known)
FY17 Q4 - 3m (known)
FY18 Q1 - 2.27m (known)
FY18 Q2 - 1.32m (known)
FY18 Q3 - 4.22m (known)
FY18 Q4 - 4m (known)
FY19 Q1 - 7.3m (estimated)
FY19 Q2 - 13.5m (estimated)
FY19 Q3 - 25m (estimated)
These are exponential growth estimates, at a whopping 85% growth per quarter (not unheard of: see Galaxy Resources, GXY - definitely stretching credibility though).
I assume the $16m wave hub revenue won't be included until end of 2019, but there will be revenues come online (likely FY19 Q2/Q3 when Northam sells power).
I think we'll see $10m+ this quarter from Newcastle + Elizabeth, but this is just a hunch. We certainly haven't had any good news (excluding fluff) for a very long while, mostly it's been bad, nay terrible.
As you can see, EMC fell well short of $16+ revenue expectations. I've always assumed fraud. Maybe it really was the expectation of grid-connected batteries that didn't eventuate, much to the exasperation towards SA Labor government for favouring Tesla over Australian consortiums, but admittedly, that too was monopoly capitalist fear-mongering at its worst, and difficult for a government not to capitulate to.