INVESTMENT VIEW • We initiate coverage on AR9 with a Speculative Buy recommendation and a price target of $0.19/share.• We are conservative with our modelling and prefer to be surprised to the upside. We have assumed $7.8m revenue (69% YoY growth) for FY23, though the company has highlighted visibility for triple digit growth. We expect AR9 to be EBITDA positive in FY25 driven by further contract wins, maintaining gross margin of around 70% and recently announced cuts to fixed cost base.
AR9 Top 100, page-151
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