other opportunities, page-4

- probably no need for capital if they just run it as now but it also mean a most skinny workforce rather than aggressively marketing, selling and developing products

- the company would actually be better off if they could put another 5 mio on the balance sheet

- I doubt they will have a profitable quarter this year; if you look at Q4 23 there were a lot of domestic orders as they announced shortly after 10/7. I don't think there has been one order announced this year yet, from anyone

- maybe the events of last weekend will change that but in the meantime we are back to the civilian market

- I think there is a better than 50% chance that Q2, only 2 weeks old, will be below Q4 23 and whatever will be announced in the coming fortnight

- that leaves us with the issue of the convert over-hang; 8 months till expiry; breakeven is 34.5/35, ie if holders can sell at 35 or higher between now and then they probably will

- unless management starts to communicate very differently and allows us some visibility into how they think the year will shape up, there is no need to buy the stock and we can all continue to sit here and rue the day pretty much one year ago to the day when DRO price crossed the ELS price somewhere around 30 cts