Ann: Mid-West Data Centre Site Fully Commissioned and Online, page-5

I've been a follower since day 1 and Justin has always painted a big picture but the delivery was extremely underwhelming.

I dont think small wins/contracts can save this stock. If you have at the latest 4C, they made $1.6m in revenue for the first half, but it looks like they spent $2.5m on operation costs and another $1.67m on capex. The capex bit will be part of depreciation & amortisation expense, I'm not sure how to quantify it because I dont know the life of the PPE they purchased. Judging from the operation costs though, they made $900k in loss in EBITDA.

We haven't seen any news of contract wins from Bibra Lake. Justin loves to brag, so I assume they haven't won anything. So unless they can secure big wins from their main DC being Bibra Lake, this stock will remain a dog stock.