I think the local market size is actually significantly larger than what has been penetrated. The advantage that customers have in using Laserbond, products or services, is such that it's crazy not everyone is doing so. Plenty more mines, machinery companies, construction, agriculture, water, power. In their 2024 report, they showed the delays in getting new customers due to the process they generally go through. I.e., They hear about laserbond, they consider how it could be used, they opt for a small trial, they opt for a bigger trial, they decide to proceed on a much larger scale. This can take a few years. If they could levy their existing customer base (though these would be "competitors" of other potential customers) to expedite the process, that would help significantly.
As it were, LBL has invested in additional sales staff, at the same time as expanding capacity. I understand that these might not be ideal results currently, but I have a lot of confidence that they will steadily grow. I am patient, and even the majority stake they take in FY27 of Gateway will be a huge boon (for those that like revenue and profit tables).
Again, I see that these aren't perfect results, but this is a big buy opportunity IMO.
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