Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-44

I think that would be $9m (R&D) 2x $11m and 1x $33m sale so should be $64m. Otherwise its just 4x 2022 revenue i guess? He did quote 4x in the recent forbes article.
"Vornik predicts revenue approximately four times last year’s, which he says will tip the company into profit for the first time."
DroneShield (forbes.com.au)

I think you'd have to be writing yourself a lengthy complex novel if you were panic'd. The language re: the order pipeline however, has been consistent for a very long time. I think we're pretty close to putting to rest that historic underperformance to management guidance but once bitten twice shy comes to mind.

Unsure what your comment is about building it themselves? They've always built their products themselves just some components are built out of South AUS. Perhaps i missed it but i didnt think anything was changing in that relationship.