Ann: DW8 Secures Institutional Funding Launches Entitlement Offer, page-346

Hi @shwibble. I'd be somewhat cautious thinking about valuing a company by simply comparing revenue to market cap. At today's 0.9c share price, the company's market cap is $22.4M. So if you were going to buy the company outright, for $22.4M you'd be getting:

• $19.4M in revenues and $3.9m in cash and undrawn loan facilities (prior to the most recent CR)
• However you're also assuming responsibility for -$31.2M in operating expenses p/a (of which -$12.8M is spent on staff costs alone)

Yes, they have raised some more cash recently, and are suggesting they will reduce the cash expenses by ~$4M p/a, but by that estimate they'll chew up around -$27M in expenses next year. So they need to grow revenues by around 40% just to break even by end of FY23. That growth needs to be organic; as I'm sure holders are now aware, growth by acquisition is expensive and often doesn't deliver shareholder value, unless large cost-cutting synergies can be realised. Cheers