There has been no churn, because there hasn't been an opportunity for churn. The government trials are mostly going to hit renewal dates in Q2 and Q3 so no one can say qualitatively what the true churn rate is
Based on ARR multiplier of 5-10x (which is generous based on current performance). This gives a forward looking market cap of $24-30M
I agree you can only read so much into this report. Like i said earlier, Q2 and Q3 when the churn numbers come through will paint the real story
Ann: Appendix 4D & Financial Statements, page-16
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