Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-13

It's great that they are in talks with new clients in new sectors, but the challenge with this company is the grandiose sounding work they are doing for large companies and the large potential ACV that is reported, but then the cashflow does not eventuate......is this another contract they report with ACV that results in 2-3 years of work before generating little in the way of cash

a great example is the 200 locations for Amazon that generate 1.3m in revenues (~6,500 per facility); and based on the current quarter, some of that must be to get all that data into the system, the storage on AWS for that data so you must wonder how much of that is for the 3DP software which is where the margin is.

I like what the company claims they are doing, but it seems to me a very bespoke service that they are struggling to both sell and implement quickly & broadly (maybe too complex) and for which they are struggling to charge a decent margin (the storm damage for FLP was another example IMO of selling their service very cheaply).

The only positive is that unlike most other tech companies they have not burnt through a lot of money to get here (so no annual capital raising etc), but have they really got far enough in the last 2 years......perhaps they are using these clients as test cases and developing their tools/software etc, but the ACV number and as mentioned the breathless announcements on progress across multiple sectors/clients ad ACV growth is not playing out where it counts....in the numbers that shareholders see