Ann: March Q3 FY2023 Quarterly Activities Report, page-2

Highlights

• Revenue of $3.4m in Q3 FY2023, up 19% from Q2 FY2023 and up

35% from Q3 FY2022; due to the commencement of new contracts

signed in recent quarters and the achievement of go live

milestones

• Annual Recurring Revenue (ARR)2 of $7.0m in Q3 FY2023, 2% higher

than Q2 FY2023 and 35% higher than in Q3 FY2022

• Total Contract Value (TCV)2 of $17.1m in Q3 FY2023, 12% lower

than Q2 FY2023 and 3% higher than Q3 FY2022 due to contract

depletion across all existing contracts, including due to the

achievement and billing of implementation milestones,

outweighing the value of new contracts

• Cash Receipts from Customers; up 21% at the end of Q3 year to

date, up 24% at $3.6m in Q3 compared to Q2 FY2023 and up 100%

compared to Q3 FY2022, a function of growth in the revenue base,

the timing of billings including the achievement of implementation

milestones, and payment terms

• Net Operating Cash Outflow; improved 36% at the end of Q3 year

to date at $1.8m compared to the end of Q3 F2022 year to date at

$2.8m; a function of cash receipts on the back of revenue growth

• Material contracts update – implementation go lives of K2fly

Solutions with BHP Iron Ore (Ground Disturbance) and Rio Tinto

(Reconciliation)

o BHP Iron Ore Ground Disturbance solution implementation in its WA

Iron Ore (WAIO) operations in the Pilbara of Western Australia has

gone live.

o Rio Tinto Reconciliation module implementation has gone live, utilised

across 24 reporting sites

• Cash balance on 31 March 2023 was $4.1m (no debt