Ann: Appendix 4E, Audited Financial Statements and Annual Report, page-2

Growth progressing as planned.

"Pleasingly the key financial measures of success (sales, revenue, EBITDA and net profit before tax(NPBT) all increased significantly against the results achieved in the comparative FY2021 period highlighting Jcurve’s transformation over the past year.

The normalised EBITDA result for FY2022 includes a net $0.4 million expense, recorded as bonuses due to the accounting treatment of the deferred acquisition payment ($0.5 million) to the Rapid E-Suite seller during the financial year for the acquisition. Rather than being capitalised on the balance sheet and then amortised, accounting rules required us to expense the payment over the sellers consultancy period.

The accounting rules also required a $0.1 million gain on bargain purchase to
be recognised from the acquisition, partially offsetting the financial impact of the expense. As such, a $0.4 million net expense reduced both the EBITDA and net profit by this amount.

Adding back this $0.4 million one off impact would have seen a normalised EBITDA of $2 million recorded for the year ended 30 June 2022.

The Group’s total revenue for the year ended 30 June 2022 was $15.3 million which was an increase of 44% on the $10.6 million achieved for the year ended 30 June 2021.

This increase was achieved from a combination of strong organic growth and contributions from two recent acquisitions.

Pleasingly after a strong sales result in Q4 FY2022, unearned income, being sales made increased from $2.8 million to $4.0 million which will be released as projects and support are delivered.

The company remains debt free and continues to hold strong cash reserves, with a cash balance of $5.1 million as of 30 June 2022. The company was cash flow positive in FY2022 despite including the effect of paying cash for acquisitions and product development"