Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

Responsibility for prior lack of sales is entirely attributable to previous management. Guilfoyle was tech guy not a sales guy, a tinkerer, trying to be all things to all people. He spread the tech too thinly and couldn't gain any traction with anyone. Right now we don't need product diversification. We need a handful of products that work and which customers want. That's what Ilario is focusing on. Yes, projected growth is small, but easily over-achieved. A couple of deals of the size they are negotiating brings 2027 into 2026, maybe even this year.

Product diversification is not happening. In fact, the opposite. IMHO.

Ilario spoke to this in the webinar and in the Annual Report.

"Neil's (Neil Mathieson, former Inmarsat Global Head of Strategy) has taken control of the sales channel. We've got the cleanest pipeline the company's ever had. We build something and we sell it. We don't build something and then say we need to add fifty things to it. We've also rationalised the tech stack, the hardware and the software, so our development stack and our development support team can get much more efficient."

From the AR:

As the technology ecosystem expanded, it became challenging for users to navigate. We reduced our offerings from seven to two:

• Nodestream X: A point-to-point or machine-to-machine solution for operators who need more than just situational awareness, enabling interaction with remote teams, asset control, and data transactions.

• Nodestream Live: This platform allows users to seamlessly aggregate all their disparate video feeds into a single, user-friendly interface, providing complete situational awareness for any operation, anywhere, at any time.

Ilario and Neil have only been in the job six months. Bob Sacker/Pulsar and the Irish crew, only 2 months including Christmas. As optimistic and positive as ilario is, it's entirely unrealistic to think he could/would turn the company around in that time. His first priority was to clear the decks, put the company on a stable financial footing and make sure it survived. He's done that.

Nodestream is the money shot.