K-TIG is now a 10x multi from these levels, page-9

Value.
I am very familiar with the technology and the defence contracts. KTIG work is and can only be for the welding of certified parts, armoured plate steel, to a set width, angle and edge preparation. Ktig has done this and shown to be far superior to manual welds which need more passes that cause more weaknesses.
KTG traditional business that sells welding equipment to fabricators in US is a WaaS++ extras. but Defence contract revenue will not be simple metres weld. as the presentation on defence welding clearly does not mention WaaS as the revenue. As stated it is a substantial sum on a annual and x vehicles amount equating to ~$100m p.a. importantly it shows the defence contracted revenue will dwarf the normal business revenue in about 12mths time. Defence is not like normal businesses. $ don't matter so much as the quality and assurance of the finished part.