Ann: Appendix 4C & Quarterly Activities Report 30 September 2017, page-9

Your logic makes sense. For me the uncertainty here aside from the obvious revenue fluctuation, is the business is increasing the cost base of the company whilst revenue volatility is increasing in the short term. That cash buffer that makes the valuation of the company look cheap (to me) could quickly vanish if revenue trend does not re-baseline to resemble some form of pcp growth.

The way I interpret the last couple of announcements is once the company can access supply (which passes the traffic guard filter), then manufacturing costs can exponentially increase to drive revenue/profit/cash flow. We have seen how quickly revenue can be scaled up in a quarter, so the company can do this. They just need to prove to the market that it can be done sustainably.

For me it's a good buying opportunity but the importance of securing that supply is getting more and more important as the company looks to expand.