Ann: Quarterly Activities Report & Appendix 4C, page-4

I am personally a little disappointed with this 4C, particularly with the company removing the ARR graph from the presentation...

AV1 were reporting on QoQ growth previously (and always have on freemium subscription), but instead of the ARR graph they have thrown in a comparison H1 2021 vs H1 2022... Had they have shown the same ARR graph as last quarterly it would have shown only 7.5% growth QoQ from A$1.6M ARR to A$1.72M ARR, and not particularly looked good at all. I do understand that this company is in its infancy, and that sales are clunky when the baseline is so tiny, however none the less, and all IMO, a bit sneaky sneaky...

On the plus side operational outgoings are stable last 3 quarterlies -A2.5M (vs A$0.17M receipts), then -A$3.1M (vs A$0.42M receipts) then now -A$2.7M (vs A$0.65M receipts) - which shows that the company clearly are scalable it would seems which is great. (bit of a different picture if you just look at staff costs). A long way to go for AV1, happy to hold, company is in its infancy and one would expect significant ARR growth over the next 24mnths.