They may yet avoid a cap raise if a few more big deals are won. Or even if the pace of more typical sized deals is sufficient.
Based on historic site value, and combined with current operating fixed costs, if they can average around 30 or so sites per half they will be ok. (Dont forget they should get a ~$1m R&D grant soon)
Previously they have suggested that a doubling of ARR in FY18 & FY19 is achievable.
Frankly, if a good sales pace is maintained for a few years (remembering there are tens of thousands of potential sites globally, they have a newly expanded sales team, and some awesome reference sites), even an additional 100m shares wont be enough to undermine good returns from here. Plus, there's always the potential to use some modest debt to help them reach break-even -- so a cap raise isnt a given.
Anyway -- big upside so long as the sales come through and costs are controlled.
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