Covid brought a taste of the future early, then much of that...

Covid brought a taste of the future early, then much of that unwound when GPU and console supply improved.

However, I suggest tailwinds returning for cloud gaming in Oz:
1. Acceleration with FTTP connections
2. Ongoing GPU inflation
3. The new generation of 'always online' (less serious) gamers who may never own a PC, let alone a console.

5GG gaming revenue 2.4M (FY25) on 31% growth and $20 ARPU (Jun-25).
And gross profit increasing by 242% YoY to $1.4 million - OK, don't know what that means (includes) but looks impressive

It would appear (and CEO can be asked), that gaming is now a self-funding operation allowing for equipment upgrades, not allowing for significant subscriber growth i.e. capacity comes first (and costs).

Maximum potential growth may be hampered (but not hamstrung) by lack of capital.
Improving numbers may bring improving (debt) options.
I expect one more quarter to see the trend, 2 more quarters to confirm it.

5GG's 12M market cap perhaps a fair value for a Cloud disrupter in a smaller market - and comes with a free Telco!