Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-2

Not quite the headline numbers I was personally expecting, although seems like this was significantly impacted by $2.6M in receivables which were collected in January 2025, flip that into being received in December and numbers look much better. Looks like we'll be on for close to $20M revenue/year although definitely seems like revenue amounts are quite lumpy based on the monthly chart provided.

Some nice wins throughout the quarter - totalling $4.8M:
- $284k for IT & Managed Services
- $443k renewed for MDR services in heathcare
- $3.4M over two years for CDFS
- $253k + $402k for forensics business

I do feel like the performance of Excite excluding CDFS wasn't covered in proper detail (no mention of a recurring revenue number which we were trying to get to $10M/year). Reference at the bottom of the actual 4C that there were one-off costs related to the acquisition and that they are confident to "deliver positive cash flows in the coming quarters".

There's so much potential with the company, I just wish Management would actually provide some clarity around what we should be expecting in the coming months. What is the sales pipeline, what is the current value of contracts, what is the current recurring revenue. How much was the one-off costs related to the acquisition. It might take a bit of work but a simple presentation with a 4C goes a long way to providing more insight for shareholders and also much easier for investors looking to invest to understand where the company is at.

It's almost impossible to get an insight into how sustainable and valuable this company could be. Feels like we're one quarter off $1M EBITDA/quarter -> $4M/year -> $40 - $60M Market Cap. But it's impossible to know if that will ever happen with how management provides information. If the next quarter isn't absolutely spectacular with the $2.6M in receivables then there's a problem. I really want this company to be successful, it deserves a re-rate but it just feels it's always one step off achieving that.