This is a good announcement, not doubting that. However:I just...

This is a good announcement, not doubting that. However:

I just find it hard to understand the business model and why ARR can't or won't be provided. Given the nature of how well most announcements are written in terms of language/excitement, if the ARR was significant, they would be shoving it down our throats?

My understanding is - Develop a personalised/customised software/hardware for a company/government body/etc - Charge a one off fee for this. - Once its developed, assuming the company LIKES the product, they then pay a subscription to continue to use the service

This is how VR1 generate revenue? Happy to admit this is a simplistic view, my point being, if this is how they generate revenue, the same as any other monthly subscription based tech company (telco's, data centres etc etc), then why cant they provide ARR figures as percentages of the revenue like most do? Is it because they're developing software for people who then don't decide to sign up/follow through? So they only make the initial fee, hence the fluctuations in revenue each quarter and lack of ARR reporting?

Trying to get my head around it. If anyone can explain the business model clearly and how the revenue is generated, and why ARR CANT be reported, that would be great. Its also fairly obvious that FY23 revenue cant be included in FY22 TCV, so I'm not sure why they're highlighting that part? Some may answer - because they're highlighting the fact that work done this FY will generate recurring revenue next year, ok then, so why not tell us ARR?

Again, this is a question. Feel free to enlighten me. None of this is advice, just opinions/queries.

Goodluck