Ann: Quarterly Update - Strong Q4 & Large Increase in FY21 Sales, page-30

annual report should be out within around 4 weeks mate either just before or after month end.

it’s definitely a slow burn and I don’t expect one big catalyst to light a fire but more incremental progress on all fronts over coming 12 months validating things such as

- Anz retail chain distribution (next couple of weeks)
- Aus Australia Post expansion from initial 100 stores to full 2,500 network
- Aus first major enterprise client (a first big govt or corporate would validate the enterprise sales model)
- NZ first major enterprise client
- additional US sales orders
- European launch early 2022
- first major European retail chain appointed

I would love to see some big enterprise clients announced most of all as it’s a different market / model. The new sales role focus’s on this but also in terms of value added services they are developing enterprise software to track all devices geographically in addition to messaging. This creates a turnkey solution for disaster mgt / remote workers / H&s etc. I think all the sales targets they talk about are easily achievable via retail footprint for camping etc, big enterprise sales would take them to the next level. These plans also lock in charging 12 months a year rather than being potentially seasonl

slowly and steadily with Zoleo they are now building a quality ARR business with very high barriers to entry based off 20 years unique IP as a satellite OEM where before they only got a margin on devices. The plan ARR revenue is locked to Zoleo devices as they cannot be used on any other network. That’s the type of quality revenue Instos will be falling over themselves to invest in once they hit sufficient scale and transparency