My take:- The $2.3mill deal for a Confidential dairy processing...

My take:

- The $2.3mill deal for a Confidential dairy processing company in Italy (WW to energy). Stated it was an important one, as they expect several more dairy orders to come as a result.
- Additional $9mill verbal orders since end of Q1 which are all but signed.
- MABR now state approved in California, Hawaii amongst others. Texas has a huge need, but way behind from an approval perspective.
- In addition to IOWA, Missouri is another state loaded with lagoons (dozens & dozens). The $0.8m MABR deal in Missouri is strategically important, its a private utility customer that has heaps more sites to target.
- Confidential Automotive client, Nitro MABR fitout for $0.5mill is for a Korean car brand.
- Reiteration of the 380 opportunities with an average project size of 1.6mill.
- Backlog to be recognized as revenue between Q2-Q4 2025, combined with Q1 revenue = $66mill (75% of the midway point of guidance of $87.5mill).
- Continued focus on SPS and recurring revenue is expected to 'deliver significant EBITDA expansion', 'profitability is expected to increase quickly'
- Medium term targets (defined as 2-3 years) of $120mill+ revenue and 10%+ EBITDA
- Introducing more rental fleet and leasing recurring revenue in 2025.
- IVC maintenance contract. Started negotiations for a long term contract "millions of dollars PA for 15 years"
- As @jamesc666 mentioned, it was confirmed a large shareholder exited a position last week.
- A question was asked directly to Doug and Niko about why they have invested and supported the business. Both stated the very strong tech in WW as well as Wastewater to energy, with very competitive products and strong industry growth potential with a fantastic management team. It was always a turnaround investment for them and they believe significant progress has been made but not complete yet.
- Acknowledged the SP performance but cant comment other than to say they feel the pain too, along with investors, but ultimately focusing on delivering their 2025 targets.
- IVC delays put them 12 months behind schedule. Delivering on their core market targets predominantly in North America.