CompleteScan Video Info overview, page-17

It's definitely a multibagger once revenue starts rolling in, especially as it gears up through other go-lives.

Validation of revenue generation is always a huge milestone for any tech startup and deserving of a re-rate. The next milestones which should follow within the next quarter is cashflow and EBITDA breakeven.

We are awaiting results within the next 4C (potentially earlier) showing some revenue from Evolt which released on 20 June and Bearn which released in late August to validate their model on public live applications. Confirmation of receipt of revenue, no matter how small or large, will be the first major re-rate.

Evolt is one of their least lucrative deals and Bearn has hardly rolled out (per the announcement up to 10% of the 25m pre-registered users will be provided access) so we will have to use abit of creative modelling to forecast the blue sky potential for the large pipeline of next agreements to go live. Alternatively, new investors can wait until it's less speculative but likely miss out on a bag or two from here in the short- medium term.