I'm of the belief that the OECD/PISA agreement will be the...

I'm of the belief that the OECD/PISA agreement will be the biggest driver of the business's ARR & underlying performance moving forwards.

Please note the difference between the following;
NSP - National Service Provider (base rate of $7,000 p.a charge, per school).
IPP - International Platform Provider (done through another NSP).

JAN winning the NSP in the UK, US & Australia is impressive, particularly considering the revenue contributions to date are relatively meaningless as the contract wins are very recent.

If they half execute in the US, UK and continue doing so in Australia, then an ARR of $40m+ just purely from the PISA exams by 2024/25 isn't unreasonable.

Oh yes, and the rest of the revenues/contributions on top of that.