Chart, page-2597

In the merger presentation RWL had revenue until July of US$20.1m, and were anticipating revenue of US$90m in 2017 with a backlog of $82.9m.

They have since downgraded 2017 revenue to US$60m, but that's still anticipating US$40m since the merger, and we only had US$7m last quarterly.

We obviously don't know the specifics of their accounting system, and when revenue is realised in terms of cash, but there will be presumably some work and cash coming in this upcoming quartely.

I suspect the quarterly might be better than people anticipate.

The cash at the end of last quarter was US45.1m and the cash at the start of December was US40.2m.

Given Fluence are accumulating MABR and CMABR units, presumably they are incurring product manufacturing expenses to achieve this, in addition to operating expenses and staff expenses, yet only burnt through US4.9m in 2 months.

I think we could see at least US15m cash receipts this quarterly.