Ann: Preliminary Final Report, page-28

- Regarding program delays. As someone works for a large electrical distributor, it’s not uncommon to commit to a contract after proof of concept but request customisations that can delay implementation for months to years.These organisations are quite large with different departments that all have their own requirements. It also doesn’t take much to delay an infrastructure project 6-24 months. It doesn’t surprise me there are continual delays, I would speculate this is on the utilities side. They are slow moving beasts. When most of your cash is coming from these companies, it can be really tough during the implementation phase.But usually great once things are up and running.

- Hopefully ARR proves a more useful metric than ACV (slide 7), although I did notice they referenced ACV on slide 4 when discussing their growth strategy. Also “self-funding” not the best wording for an unprofitable company raising cash, hopefully this statement will be true in the coming months.

overall I think this company has a lot of potential. Some of the communication hasn’t aligned with reality but hopefully FY23 was the reality check required.