Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

Do you not think it's going to have quite low profitability?

Gross margins are very low, even when normalised (20-22%). Seems to be a lot of incremental cost in the Cost of Sales line (...humans?).

As Lefevre says, there's also the -$1.5m of annual capitalised software development costs to offset before we get any proper cash earnings.

Is this really a high scaling Tech company? Or is there a lot of manual work going on?

Would love management to talk more about how they see costs growing/moderating as it onboards the larger enterprise customers.