I remain optimistic about the SP performance due to two main...

I remain optimistic about the SP performance due to two main reasons.

1. Shorters are out - good indication of a turnaround
2. return to positive EBITDA - FY24 we will be very likely see a positive EBITDA as the full impact of the $60m cost reduction will be realized in FY24. Any revenue growth will also contribute to EBITDA.

January EBITDA almost breakeven and I think Feb/March will be very interesting.

Going by past performance, Appen had created a market expectation that it will continue to be EBITDA positive - otherwise a company generating close to $300m should be valued well over $500m IMHO.