I think people look at the annual report and are perpetually confused.
The big take away is the Figure 8 platform being repurposed as a Gen A.I toolkit for Enterprise.
If that platform which is a toolkit for Enterprise to configure their LLMs for business needs and starts generating revenue then the AU$300m write down of FY22 will need to be reversed and recasted as a CGU with appropriate revenue growth benchmarks. If Appen completes the platform this year and starts generating revenue from that platform by end of year then the conditions are pretty good at adding ~AU$200m to its asset base.
Where the balance sheet will read $450m assets to $95m liabilities and no debt.
This will allow the company to make an acquisition in the Gen A.I space
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