Hi there Staz024,It doesn't help things when potential investors...

Hi there Staz024,
It doesn't help things when potential investors are not looking at the updated numbers.
You can tell there isn't much interest in the stock by the amount of posts on this thread.
Some other threads have a good number of informed people offering their views on an at least daily basis.

The good news is that it looks like the current share price is holding up.

I previously mentioned that BP had announced that they had suspended coverage on ARX. So I was a little surprised to see a new report on ARX written by BP's John Hester. Latest report has a price target of $1.70.

They are projecting the following

Revenue:
FY22E 37.20m, FY23E 49.20m, FY24E 65.00m

EBITDA:
FY22E (3.60)m, FY23E (2.10)m, FY24E 5.60m

EV/REV:
FY22E 9.70x, FY23E 7.0x, FY24E 5.3x


If these numbers can be achieved ARX will be profitable by 2024.
The EV/REV calculations make the current share price look cheap.

PNV has a EV/REV of around 28 x
PNV trades at a higher ratio, probably because the company is breaking even and their gross profit margin is around 90% vs 78% for ARX.
Although, it should be noted that their s.p has decreased from over $4.00 a year ago to about $1.42 today

I still think ARX offers a better deal and has more upside potential. I don't see any reason why ARX shouldn't have an EV/REV of 12 x.
This would bring our EV up to $432m which is a 30% increase from where we are today ($330m). In my view, this is conservative.

Good luck to all LT holders of ARX.