Ann: Q4 FY25 Presentation, page-2

I think this reads well.

$12m backlog, should all be converted to revenue and cashflow in FY2026.

Repeat customers rather than historically customers were more one off (e.g. miners), suggests potential for more regular contract news.

Two orders in final stage (1 from previous guidance and 1 new).

$2-3m catch-up in cashflow to come, should mean this positive cash quarter is repeated or improved.

Decent balance sheet with $3m in cash.

I thought investors were holding back because of the weak balance sheet, this was fixed with the placement. Then holding back due to lack of orders, this has been fixed in the last quarter. Then holding back due to cashburn and now this is fixed. Any thoughts on why the market reaction is so muted?