A few talking points from this report which I am surprised no...

A few talking points from this report which I am surprised no one has discussed yet:

1. EV segment revenue of $971k for H1 vs $559k for H2. Also revenue run rate down from H1 to H2, with a miss of $152k revenue from that reported in the prelim to the actual report. Obviously this is a bit moot with the announced massive run up in revenues now expected, but its notable that currency movement accounted for a $190k of revenue ultimately pushing us into the black.

2. The significant revision of NPAT down from $612k in the prelim to a miserly $62k profit in the final. I can't see any explanation for this significant change, with the change in current tax asset treatment hitting FY17 rather than FY18

3. The significant restatement of FY17 NPAT from $428k profit to a loss of $35k. It is presented as a non-cash expense but is this the case? Genuine question as a non-accountant.

R&D costs are steady (and expensed which is always a big tick for me), but look to be a permanent fixture in this fast evolving space. There is a note that R& D rebates cut off once we hit $20m revenue so that could be another drag on the road to significant increases in profitability. That said, also have to love a company that is so low-key that it announces major contract news on a public holiday for half the country.