At the acquisition they said Airovant's unaudited revenue...

At the acquisition they said Airovant's unaudited revenue averaged $US1.4m pa over 2018-2020. So if we take $1.4m as a placeholder, then there was actually very little (c. $0.5m) organic ACV growth - which makes sense given lack of recent newsflow and flat cash receipts.

Unlike with other tech firms on ASX, I am not too worried about this in the case of 3DP because they have cash flow under control, and finished the quarter with slightly more cash. Hopefully the next few Q's see an uptick in contract wins. IMO the tone of the ACV update was a little defensive, as if anticipating investors being underwhelmed.

I agree with your wish for transparency, because given that Airovant's revenues were probably lumpy, perhaps they weren't as strong as I've credited, which means that I may have under-appreciated 3DP underlying organic growth in the above analysis. More transparency would be good, but ultimately 3DP is still such a small business that we need to let it run and judge over a longer time scale - which I am happy to do as they are not burning cash.

Happy to hold for now.