General discussion, page-306

Agreed T7, and as @asdzxc pointed out they stated at the end of the 4C commentary the following:

"With Q3 of FY2018, Alexium begins a new phase which is one of sustained profitable growth and long-term cash generation. Over the next four quarters, Alexium will continue to grow its top-line from the result of Q2 to record revenues with average margins exceeding long term targets. Success in military, bedding and new business realized from CPSC-related regulations (which necessitated the capital raise) are not included in those growth projections and provide significant upside potential." (emphasis added).

In the bad old days, "potential" revenue was included in the growth forecasts. Today, even without any of it they are very confident not only of strong revenue growth but also good margins. Which to me means we're currently undervalued even assuming the base case, and the SP will one day reflect that (next quarterly?). In the meantime, any new material business should see a re-rate as confidence is restored and the revenue growth is undeniable.