I do agree with your assessments that we should not calculate SG&A from cash reports as it also includes COGS, and agree that 2021 Net Profit will hover around break-even. What are your thoughts about 2023? I think 2022 Net Profit will achieve at least $5m+, if SPS revenue grew by 20% to $51m (from $42.5m mid-range forecast in 2021) supported by $84m CES (assume current $168m CES backlog will be evenly split across next two years) and $8m in RR, based on the margins as you mentioned, this equates to $143m in Gross Profit. However, I'm a little concerned about 2023 when IC project is complete, even if SPS grew another 20% ($61m), with IC completing unless there's other projects that can maintain the same profitability as IC the Gross Profit in 2023 will decline substantially.
What are your thoughts?
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