Ann: Quarterly Update & Appendix 4C, page-12

Thoughts on this logic:

1. $1.4m per month opex expected for this quarter.
2. Cashflow positive by the end of the year on a monthly basis
3. $800k achieved in June month revenue

It is possible, but will require significant growth, to get $1.4m in monthly revenue by december. That would make us breakeven assuming current costs continue.

$1.4m monthly revenue -> $16.8m revenue annualised. 30x sales multiple is fair given Dubbers growth rate and gross margins. This would give a market cap of $504m. With 187m shares on issue this would give a short term price target of $2.70.