For what its worth, Earn outs are generally based on revenue. If...

For what its worth, Earn outs are generally based on revenue. If the FY revenue accrued since the purchase has not hit predetermined markers (They are generally set the base amount at 75-100% of previous reported years revenue then scale up ) no earn out will be payable.

So there may be very little earn out to pay IF that is how they have structured their acquisitions.

In saying that, you WANT to pay earn out, because that's a sign everything is running smoothly and well. Id be very concerned if there were no earn outs to pay. What a loss of capital that would represent!

P.s - This is a real tough industry to make profit in , especially with the kind of board/admin overheads ST1 would have. However my companies(same industry) September was the biggest revenue ( low profitability ) that we have had on record.

So there is money out there, especially in the cyber security vertical ST1 are starting to become more active in. I still wouldnt personally put any money in this company, but for those that have, there is a chance they could turn it around.