Just a bit to add on the re-emphasis on fixed expenses vs...

Just a bit to add on the re-emphasis on fixed expenses vs revenue (The ratio was 19% in Q1). Fixed expenses will be kept around the 20% of revenue in the longer term. It is sort of indicative that the gross margin after Ivory Coast will be around 35%, so the net that we will be expected to flow down to the bottom-line will be around 15%. A $100m revenue would give us $15m net (or EBITDA???).

This year's revenue of $144m which includes about $60-70m for Ivory Coast backlog, $45m for SPS. SO it seems like there is some confidence on increasing the recurring revenue in WaaS part of the business. We shall see.

I just feel that the forecasted EBITDA of $3m seems a bit conservative now.

I think the only let down in this 4C is the negative operating cash flow. Will look forward to see a positive one from Q2 onwards.