It’s 2.22m$ in receipts from customers plus 0.70m$ in government grants and tax incentives, i.e. 2.92m$ in total cash receipts. Net cash from operations for FY21 is 0.64m$ (plus 0.11m$ in late receipts).
Note that, once the 0.11m$ in late receipts is included, total cash receipts of 3.03m$ exceeds the top end of the previous 2.9m$-3.0m$ guidance.
Relative to a recurring revenue run rate now in the region of ~2.5m$ and ~1.5m$ in net cash, an EV of just 6m$ looks very cheap indeed to me for a profitable, CF-positive and growing business.
AER Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held
