JG18, agree with your summation about the 15Mth time lag.
Having worked/supplied to many large American organisations I can vouch for the fact that they are notoriously slow payers and set up long trading terms with small companies especially, 90 days, 120 days are not unusual and then they do everything they can to stretch over the terms and shift payment into the next month. It's crap i know, but they just do and I suspect explains the $2.5M AR.
To me the $4.4M invoiced is the best news out of today, not discounting the penetration, land and expand into all the sectors, and would therefore expect some of this to be receipted in the next quarter, along with the $2.5M, and ultimately most of the $4.4M in the first half.
I think the $4.4M, plus the relative ACV growth with the 15mth time lag taken into account, will be invoiced each quarter this FY. The wiser heads in the market will recognise this at some point, profitability will happen this FY.
I know it was disappointing not to collect all the cash this quarter, however, I still think that the thesis is intact and will strengthen from here, FWIW, cheers.
3DP Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
