Ann: July 2024 Investor Presentation, page-39

The comment I’ll add there is what is DroneShield’s average sale cycle? 1 month? 3 months? 6 months? I’ll assume it’s 6 months on average.

If that’s the case, then there was no way the early stage pipeline shared in your graph was going to drop before July, especially knowing selling to government takes longer than 3 months. So arguably it actually does work that way for Droneshield.

Which is why I mentioned the pipeline story aligns nicely with the “seasonally higher quarters: Q3, Q4)”. Due to the slow nature of government sales cycles.

So the current SP price right now will look like a bargain if they can close 5-10% of that pipeline.

I’d genuinely question what their sales team is doing if they fail to even close 5% of it. Which is 55 million additional sales this FY.