It's exactly that re post IMOD 'gap'. Combined of course with...

It's exactly that re post IMOD 'gap'. Combined of course with some tech nerves.

You have a company here that people want to value on today's metrics, which is mind boggling when they *could* easily look so out of date soon enough - these are metrics so heavily influenced by what thus far is in the market's eyes a one-off contract (IMOD). It's really up to management and the company to prove them wrong and fill that gap - maybe even settle the doubt around the prospective services division sell-off, where they stand to reap a one-third windfall.

But anyhow, it's easy if not lazy to look at annualised revenue of $70m and $22m EBITDA now. Fantastic, amazing numbers right NOW. However, what do they look like when the near-100% margin IMOD contract is stripped out? $55-56m and $6-7m or there abouts?? Sure, not that simple, as they should have underlying growth elsewhere you would hope as they win new projects, especially with AuraIQ, although in the past they have had natural variations in demand for their other products (at least FFT has). And then once the company starts paying tax, which it largely hasn't had to so far due to credits, what will the numbers look like then? In itself a small point but it's the uncertainty at play with removal of IMOD and no AuraIQ revenue yet after two years of commercialisation efforts.

Add to that, the company has been very clear as well to refer to previous dividends as *special* dividends. Certainly setting expectations there, even if there might be one more left.