Ann: Q3 FY24 MDR Quarterly Update, page-3

3Q24 has a gross profit of $15.3m

Their operating costs (based on 1H24) was ~$34m (excl Depr & Amort) or ~$33m excluding finance costs (not sure why they are not paying down that loan), so if they can hit a similar gross profit for for 4Q24, 2H24 will be incredibly close to being EBITDA positive on its own.

Given 4Q24 US projected revenues already contracted for, and Aus revenues are recurring (plus additional transaction fees etc), it seems that Ratliff has delivered as he promised.....positive EBITDA for FY24.

1H24 EBITDA +10m
2H24 Gross profit of ~30m, costs of ~34m +> EBITDA of -4m
Which means an EBITDA of ~6m for FY2024

Question now is how much more can they deliver.....seems like THRIV is gaining traction and the added bonus seems to be that it improves margins in the US........if they can continue to grow that, then the bottom line improves and chance for rerate