Ann: June 2023 4C Results Presentation, page-13

Trends look good, and if they can crack the gaming market with an offering that scales, then loads of potential. Using EBITDA by itself is strange; where an apparent ongoing capital expense is needed, I would be more comfortable looking at those EBITDA numbers in the context of a full NPAT breakdown by segment, including the gaming other revenue. Guess we'll need to wait for the full-year results.

All that aside, if the June month was EBITDA positive across both segments (excluding the R&D) and this continues, then a very clear shift.

Operationally it does sound like the Internet Services side has worked through some growing pains, and many of the initial hard yards of gaming are now complete. An exciting year or two ahead as the ability to monetise and scale on the gaming side becomes a big focus.