Personally I think Regal was trying to play a possible raise...

Personally I think Regal was trying to play a possible raise given the cash balance last half dropped to $7m. That's what I would've done if I was them. They may have stopped selling for now (based on the rules on how soon they must report a significant change in substantial ownership). It seems to me based on my calculations that our cash balance could be anywhere between $5m to around $12m, ultimately depending on probable trade receivables and payables balances at 30 June, in my opinion.

If this is right, this is a pretty good result to me considering that the bulk of the revenue was generated in the first half already, and that they expanded aggressively overseas during the period. If they don't raise any time soon that means they made it through a lot of growing pain without market or Regal's support. Great if they can do it.

The two things I like most of about this management team specifically is they first they run a very tight ship. So I have no doubt that every $ spent on growth is for good purpose. I say this because no doubt it will be a topic for discussion as gross profits in 2H were mostly if not all wiped out by cost growth. Secondly and probably more important than anything else, I believe the culture under this management team is very positive, probably one of the most positive cultures of any ASX listed company I've seen. So I know they are working on unified goals and aren't under extreme staffing pressure which is inflating costs everywhere we look.

On my numbers it's currently trading at anywhere between 3 to 4x EBITDA, growing revenue 50% p.a. and forecasting more strong growth. Cash positive, and net profitable. Their product range is market leading and gross product margins >50% as a result. Recently internationally expanded, proven management team, minimal dilution to date and sensible KMP alignment and costs. Major partnerships with the like's of TATA potentially coming soon. Defense sector with fantastic macro. This is all some people will need to form a strong view, and they will come eventually.

Just my opinions, please do your own research.