@Masami, Can I add a few points.
Quite a few of what went wrong in H1 were out of control of the company:
- Polish government proved more difficult than expect to deal with. Appropriate to cut losses and move on.
- US congress not signing spending/delaying agreements which delaying purchase orders.
- Payment delays of Australian contracts.
- Middle East contract withdrawal.
Other issues are management's fault:
- Needed at act faster to bring costs down in line with revenue, once it became clear sales had slowed.
- Poor timing of move to US Ohio office.
- Needed better product understanding and customer requirements.
- Clearer focus on the cash burn.
Having said all that, at current levels, the stock is a buy IMHO. Second half ( June 30 and onwards into 2025) will be significantly better simply on already contracted revenues. $9m in Armor and $11.7m in technology is the base revenue number with several add on in the "pipeline" possibly falling in. A positive EBITDA in H2 could get the full year to breakeven or slightly positive. With any luck, sales of the inventory could lead to an uplift. Inventory alone is $5m higher than the market cap.
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19.0¢ |
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Mkt cap ! $19.50M |
Open | High | Low | Value | Volume |
20.0¢ | 20.0¢ | 19.0¢ | $2.551K | 13.14K |
Buyers (Bids)
No. | Vol. | Price($) |
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1 | 36660 | 19.0¢ |
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Price($) | Vol. | No. |
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20.0¢ | 20147 | 2 |
View Market Depth
No. | Vol. | Price($) |
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1 | 36660 | 0.190 |
2 | 8998 | 0.185 |
2 | 108000 | 0.180 |
1 | 5500 | 0.175 |
3 | 141470 | 0.170 |
Price($) | Vol. | No. |
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0.200 | 20147 | 2 |
0.205 | 2628 | 1 |
0.210 | 30841 | 2 |
0.215 | 50000 | 1 |
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