Ann: ATV Completion of Share Placement, page-11

Totally agree with your proposition but would also argue that its what we are doing:

1. We reduced opex by 3.8M in FY24, maintained revenue and delivered an operating profit for the first time.

2. The 2 regions were operating in are Asia and Australia. There are 50+ major telcos in Asia vs one of comparable size in Sydney and so the idea we should not do international work isnt viable if thats what you are thinking when you say "every new international jurisdiction". There are 8 jurisdictions we could tackle and we only work in 2 so theres a long way to go. Note your point though and agree which is why we havent ventured to Europe or the America's yet.

3. The focus as stated in the update is recurring revenue growth and a path to FCF because as you rightly point out, we have to show a measureable, consistent level of performance in FY25 and beyond.