Given they only signed the majority of agencies right before the...

Given they only signed the majority of agencies right before the end of FY, the revenue is higher than I was expecting - thought it'd be next to zero.

Investing in a startup, you can't be expecting profits straight off the bat. The play here is for pirsee to grow and take a decent market share, and become profitable. From $5mil MC if they achieve that there's significant upside.

Next catalyst should be marketing and further sales in WA.