@Relax1,Thanks again for your clarification. In fact, the...

@Relax1,

Thanks again for your clarification. In fact, the confusion on "Bookings" is on me and not from the announcement and indeed, there is no Aspiral M3. I may need a bit more whiskey now to get my head thinking clearer.

Maybe I should try to manage my expectation a bit using some guesstimation from our discussion, and to simplify it, instead of using 2 quarters, lets lump it to a half year.

So, for H1,
Revenue as in the update is $60.2m;
Revenue recognised from Ivory Coast is $42.9m;
Revenue from SPS is $11.3m;
Service revenue about $1.9m + $100k, lets say $2m;
That leaves about $4m for non Ivory Coast CES.

Lets also assume the gross margins are: 15% for CES; a rough estimated SPS margin of 35% and 40% recurring services, I managed to come our with my estimation for this half year of a gross profit of about $11.8m. H1 2022 fixed expenses from the presentation is $12.5m. That means we will not be EBITDA positive in H1.

However in H2, applying the same margin for each component, we should be able to have a gross profit of $20.36m and with operating expenses of 20% of revenue, we may get an EBITDA of $3.6m in H2. That may make that $3m positive EBITDA in the guidance.

Again, echo your reiteration that this is not gospel and not set in stone.

However, I am actually a bit more optimistic in H2 China. Given the property problems in the private sector, looks like the central government has started to pump more activities in the public sectors, and water infrastructures, rural wastewater infrastructures and waste management are the beneficiaries of public sector pump priming.

Just as what @frostieshake had mentioned, me too am hoping to see more news of partnerships, collaborations, relationships forged and of course, contracts, contracts and bulk orders.

Cheers