If they don't get any more large sales this quarter then I think...

If they don't get any more large sales this quarter then I think this quarter will be very similar to last quarter (i.e. around $8m possibly less). They seem to do around $2-3m in SaaS and smaller unreported sales per quarter.


As you can see below I am assuming around $4.5m from announced sales plus there will be at least another $2-3m in unreported revenue.


At this rate net cash from operating activities could be around -$12m but could be a lot more if they are really getting into building inventory which is what we expect them to be doing.

$8m in cash receipts is well under what you guys are expecting so maybe I'm missing something. I don't think there are any sales announced in 2023 that were expected to be delivered in Q2 2024 as they have all been delivered as far as I can tell. There wasn't really any sales from April 18th right through to the start of July last year (i.e. a pre EOFY rush) but that doesn't mean the same thing will happen this year (a large sale could really come at any time).

I think they are struggling to make sales unless the inventory is just sitting there ready to go, which is why the large capital raise was done (apart from the fact that Oleg thinks the company is quite overvalued, so it was also opportunistic in that respect). I believe this decision was mostly motivated by the performance options which shareholders approved - i.e. the easiest way for Oleg to get his performance shares as soon as possible (he doesn't really want to wait for organic growth) is to have $200m of inventory just sitting there ready to go when someone wants it. This means the large sales might be less likely to come until they have had time to build the inventory.