I'm thinking of renaming this stock "Wally". I know the...

I'm thinking of renaming this stock "Wally". I know the inflection point is coming but for the life of me I cant see it!

Overall, costs look like they were contained, cash was up (due to R&D rebate) and subsequently cashflow was positive.

Revenue was a bit subdued, but possible due to some payments being deferred until after Dec 31, as suggested by the commentary.

Good to see contracted Swift access room numbers are up 40% since Sept 23. One thing I've learnt about this stock is that a contract win doesnt reflect in the numbers for at least 6 months, but I assume/hope a 40% increase in room numbers will eventually translate into a equally large increase in recurring revenue (currently $14 mill).

IF we can get recurring revenue up to $16 mill (say, another 5k rooms) then we should comfortably sit above $22 mill total rollong annual revenue. At 42.5% GP margin, (mid point case), and using last year's total fixed operating coasts of $7 mill, they should be able to generate $2.2 mill EBITDA.

I stress, these are not my forecasts for 24fy, but on a rolling 12 month basis and assuming a further 5000 contracted rooms.

The inflection point is coming, but we need to see a couple of decent wins first. And IF we see this, then can the company PLEASE start paying down its debt!!