G'day mate, I've had this business on my watchlist for a while,...

G'day mate, I've had this business on my watchlist for a while, but am still properly bedding down my thesis. From what I can tell, the business has finally become profitable, has a long runway for growth (especially as you've alluded to, the US expansion), and has been able to achieve >70% gross profit margins for the past few years. ROCE employed for the most recent financial year is 25%.

Curiously, revenue has managed to decrease from a peak in 2018 of around $32.5m.

What was it that piqued your interest in MSL, and are there any obvious red flags I'm missing?