Ann: Half Yearly Report and Accounts, page-19

There is 12-24 more months of lumpy growth as 3dp gets the enterprise contracts in place that reflects the proper business model (initial trial contracts had milestone payments and performance/time based payments that they are clearly trying to resolve to get paid...this happens all the time in enterprise deals in the US).

there is also the exchange rate to consider. 3dp is working through doing relatively large software deals in legacy industries - the contracts departments are slow, but the revenue is quite sticky after evaluation and broader adoption. The US DoD is going to be a huge cash cow for 3dp, but that is a notoriously slow game (if not the current contract opportunity this spring, others will surely follow)

Ian has the cash to keep the trains running on time for another 12 months and he isnt going to cap raise at a depressed share price (assume they would do a staff reduction or more likely get a line of credit).

3dp has always had a saas-style lag in rev rec and while cash receipts are disappointing the Accounts Receivables are still there for 2H.

based on current and historical metrics 3dp is fairly valued compared to private US tech stocks at a comparable stage (and could look very cheap if 2H ramps up above baseline).