A lot of it is as expected. From what I can see, these are the main points from the report that I take away
Revenue up by 18% to $49M, driven by new contracts both domestically and internationally. This includes full year contributions from major Australian contracts like those with the QLD ,ACT governments, as well as new wins in SA. Gross profit increased by 22% to $22M, with a margin expansion to 45.5%. So to me this shows they're doing a very good job converting sales into profit.
Most importantly, making significant headway in the US and UK markets. Notable wins include contract extensions in North Carolina and new contracts in Georgia for their solutions. These international contracts I would think are critical to long term success. They have $19M in cash so growing further won't be constrained but you can see what they're trying based off their operating expenses.
While EBITDA dipped slightly due to increased operating expenses and the net loss, it’s clear that these costs are linked to strategic investments and growing pains i.e. the company has expanded its team, improved its core technology (especially in imaging capabilities), and pushed forward with new product developments like the Road Worker Safety Solution. As long as revenue grows comparatively it is fine.
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