Ann: Capital Raise Investor Presentation, page-12

25% margin is net of sales & marketing. 40% gross margin is a stated company target.

2 mistakes in two posts hardly gives confidence we should be taking a lot of notice of your negative sentiment. But appreciate the conversation nonetheless.

Essentially to confirm - your view was (pre Qtly update)) - that in 2026 they would sell $217m at 25% margin, then spend $25m on overheads, and a further $75m on sales, marketing, labour, etc etc? Or were you combing it all into one at $75m ?

Either way, your GP$ margin on $216m (@ 25%) is $54m, so you have them slated for between $21m ($75m costs) and $56m loss ($100m costs) in 2026... Looks pretty stuffed then...

But I'm still buying... Suppose one of us is right and one is wrong (most likely we are both wrong) - that's the beauty of it I suppose.

Good luck either way. Just money at the end of the day.

Cheers.