We're told $16m remains (post Q3). When the cash arrives will just mean counted in Q4 (probably part of that $68m expectation) or it'll fall into Q1 2024. They say next payment is due November. If as you say we could cash receipts when we deliver, then the entire $33m revenue falls into the 2023 reporting only.
We have to make a few assumptions with some of the figures quoted, as some are as at 20 Oct, while others are end Q3. If it's $51m in backlog - great. We will need to get that confirmed to be as at 20 Oct as it's a substantial figure if it is $51m backlog as at 20 Oct.
Basically you have 2 views here 1. $51m backlog is at Q3. Therefore $8m will continue into FY24 2. $51m backlog is at 20 Oct. Therefore ~$20m will complete in Q4 with $31m our intial sales going into 2024.
Hope its the latter, but I think it's more logically the former. We've got some big ticket sale opportunities noted in this update. Hopefully we see a reverse trend with gradual increase in SP throughout to year end.
DRO Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
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