Ann: Quarterly Update & Appendix 4C, page-58

I don't claim to be "really clever", ChickenNuggets, but I have had a close look at your figures.

I look at ARR as a leading indicator for revenue, too. My own estimate is that there could be around 6 months delay from a contract showing up on the ARR figure and revenue from that contract being counted. If true, then the annual revenue run rate should exceed $10M at some stage in this current half. Bear in mind revenue for the last 6 months to 31 December was already at $4.55M. Conservatively I would expect $5.5M in the first 6 months of 2020 calendar year due to the fairly slow increases recently.

I also expect an acceleration in revenue to show up clearly by June/July 2020. I say this because some of these very large partnerships are quite recent, and it could easily be 6 months before revenue responds. It wouldn't be a big stretch to expect more like $7.5M in the second half of calendar year 2020 for $13M for the whole of calendar year 2020. This would be an increase of around 60% from calendar year 2019. It could easily be a lot better than this. Not sure how you got your 137% increase, but I hope it happens!