Ann: Appendix 4E and Annual Report to shareholders, page-8

In line with what @andyat has already said, a mixed bag this report. Cost of revenue is a concern as this has drastically reduced gross margins. A net loss of $5.996m versus a net loss of $5.168m last year. So break even is still a distance away. Large portion of revenue was also non-recurring ($3.4m) reflecting the sale of all the monitoring equipment (e-noses for middle east etc.). Perhaps this speaks to Peter's comment about a lumpy win rate when measured against arr.

There's been some movement in the top 20 (in part due to dilution). Robin now holds c.12% versus c.22% in 2018. Top 20 overall down from 49% holding to 36.54% now. Have added 541 new holders to the register. Perhaps not a bad thing but a tightly held register also doesn't hurt.

Yes, you need to spend money to grow the business so perhaps this will still turn out as stage 2 growth prior to an inflection point being hit. My longer term view remains positive but I think the shorter term risk reward balance has now changed.