• 1Q24 revenues of $16.4 million, up 10x vs 1Q23 ($1.6 million)–...

• 1Q24 revenues of $16.4 million, up 10x vs 1Q23 ($1.6 million)
– Exceptional ongoing momentum, following reaching $9.3m profit after tax in 2023
• 1Q24 customer cash receipts of $7.1 million, up vs 1Q23 ($7 million)
– Highest ever March quarter
• Strong start to 2024 given strong seasonality in revenues and cash receipts, with the March quarter being the slowest period
– Most payments are from US Government, with net30 payment terms (December and January being quieter months),
hence only one “business as usual” month of February being captured under net30 in the March quarter cash receipts)
– End of calendar year often corresponds to the start of a new budget cycle for many customers
– Accordingly, the cost base of the business reflects annual rather than first quarter revenues
• 1Q24 SaaS revenues doubled to $561k vs 1Q23 ($239k) - Recurring revenue
– Customers require Company’s AI software engines, upgraded quarterly, in response to a rapidly evolving drone threat
– Additional SaaS based solutions planned for launch in the next 12 months