Ann: Placement and SPP to Raise up to AU$8 Million, page-18

I believe your correct with this logic, cybersecurity is not going backwards as we progress into a digital age. The SP in the short term is disappointing however on balance as per below is how I'm looking at it.

Positives:

1. Increasing ARR which ideally will surpass OPEX in the future.
2. Establishing additional quality customers.
3. Trust within the space (top secret accredited).
4. Microsoft co-sell agreement this from my understanding is quite a powerful agreement, it's not your typical off the shelf cybersecurity purchase citizens make.
5. Government legislation, mandates for the uptake of cyber protections.
6. Significant partnerships with leading defense contractors

Negatives:
1. Cap raise now possibly not being enough (for the short term future)
2. Contract wins not arising, I don't see this happening given the quality of customers and stickiness.
3. Point 2 would obviously lead to a deterioration in ARR however as stated customers are coming on and revenue and ARR is growing.

I do see revenue and ARR continuing to grow, I just see AR9 in a temporary cash burn position before turning positive cashflow which I predict around the FY23-24 years