Ann: FY24 Annual Report, page-7

Of the 50mNZ$ Revenue booked in FY2024, ~10mNZ$ was from Subscriptions (AI Cloud, AI Verify, etc.) and Managed Services. Those segments are growing, arguably immune (or less exposed) to AI disruption, and have Gross Margins probably in excess of 80%. So, even if the traditional Language Services segment is in terminal decline (and it may not be), one could argue that the SaaS-like segments alone more than justify the current EV. Fwiw, I bought a few of these in the mid 40s, which is also starting to feel like ages ago, even though it is only a few weeks (!). There should be a quarterly update coming out soon, so I do hope this selldown is not due to bad news being leaked.