Ann: FY22 Results Presentation, page-8

Yes - hard to know how the market will react to this report today, but this business appears to be "charging".

Huge revenue growth of 371% which obviously included the revenue from the acquisition, and with further large revenue growth to come this financial year & beyond.

Gross profit margins also increased nicely from 52% to 72%.

Large loss of $96m for the year was mainly due to the $71m in "share based payments" (to Tripp & Waterhouse & Buckingham & Staff) & the 16m in deal costs they expensed in this financial year - and a large % of these share based payments are now gone.

So BET showed a positive Adjusted EBITDA amount of $2,197m - which was up from a $2.8m Adjusted EBITDA loss last year.

I hope the below summary from this mornings report comes out in a decent format

Consolidated Variance
2022 2021
$'000 $'000 %
Revenue 91,682 19,458 371%
Gross margin 66,298 10,203 550%
Gross margin % 72% 52%
Loss before income tax (96,288) (20,940) 360%
Add back: Depreciation and amortisation 9,682 2,698
Finance costs 541 101
Share-based payments expense 71,029 12,358
Deal costs 16,461 2,805
Impairment of receivables 772 99
Adjusted EBITDA 2,197 (2,879)

Share-based payments expense

The group measures the cost of equity-settled transactions with employees and third parties by reference to the fair value of the equity instruments at the date at which they are granted.
The relating expense is then recognised over the period in which the relating services are expected to be rendered.

A summary of the FY2022 share-based payment expense is detailed below:

Party/Instrument Type/Number granted/Fair value of at grant date/Total exp/Total exp recognised in FY2022

Mr Matt Tripp 1 Performance rights 35,000,000 $1.2475 $43,662,500 $40,674,761
Waterhouse VC 2 Performance rights 94,741,686 $0.2070 $19,611,529 $12,456,590
Mr Todd Buckingham 3 Perfrights 25,000,000 $0.4300 to $1.020 $18,500,000 $9,143,937
Staff & Other Options, perf rights &service rights varied $8,754,052 $71,029,340 1

• On 17 February 2021, the Group announced that it had entered into an exclusive agreement with Mr Matt Tripp to become a strategic advisor. As part of the agreement, Mr Tripp was awarded performance rights that vest upon the Group entering 'Strategic' and/or 'Transformational' transactions as defined under the agreement. The conditions of a ‘Strategic’ transaction were met as part of the company entering into the NTD consortium technology deal, and therefore 35,000,000 performance rights vested. The associated share-based payments expense was accelerated and recognised in FY2022. There is no further share-based payments expense in relation to the ‘Strategic’ deal to be recognised in future periods.

• On 28 January 2020, the Group announced that it had signed conditional commercial agreements with the Waterhouse Group to build and operate new wagering products. As part of the commercial agreements, the Group agreed to issue performance rights (convertible into options) to Waterhouse VC. Based on the terms of the agreement, the company expects to issue 60,176,765 shares in relation to FY2022 and has therefore recognised an expense of $12,456,590 for the period. No further expense in relation to the Waterhouse VC commercial agreements is expected in future periods.

• 3 As approved at the 26 April 2021 General Meeting, Mr Todd Buckingham was awarded 25,000,000 performance rights that vest based on performance and term of service conditions. The share-based payment expense in relation to these performance rights is recognised over the expected life of the performance rights.

Looking forward to the rest of this year & beyond.