Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-43

Following on from my earlier post, you'll obviously have to do your own work, but I also consider the asset "lite" nature, their pricing power and non-B2C model to also substantiate - in the fullness of time - reasonably higher price/sales multiples compared to alternative SaaS businesses, particularly those in Australia.

Further to this, their runway for growth is massive, with actual international clients. Some local companies talk about targeting global growth strategies, archTIS already has Northrop Grumman, DARPA, Thales (and indirectly NATO), DHL, a nuclear facility in the middle east, not to mention several Australian universities (and California State University), the Australian DoD, Bank of Finland, Singapore Power, etc as customers.