Strategy and Value Creation

Count the number of times we have heard, "yeah next year we will see some great progress we are talking to some great players in the market". In fact Sean in his last interview, cant remember the name of the interviewer but Sean did say just before Christmas, "all the work over the last few years is paying off and we will see 2025 with some milestones met" and so on and so forth. Well, we are now into the fifth month of 2025 heading halfway into the year and we are still seeing major manipulation on the ASX with shorters over the past few years and I havent seen a good ASX announcement in, how long! If everything is so amazingly good and 2025 heading into 2026 is looking FAB in Seans opinion, why is the share price so low and why are we not seeing major announcements on the ASX.

So summing things up for me as I see it is, he has mentioned 2026 now as the year to look forward to (OMG) as well as 2025 (Still waiting for a decent ASX announcement), that will put us on the map and lift the share price. Same as last year and year before and so on. We only seem to hear about whats happening with partnerships from outside the company, which is weird if we compare communication with our competitors which in my opinion is far superior and should be the normal strategic intent in any organisation like BRN (communicate to the market and shareholders, its proven thats how things should roll). We fail in this regard!

Same old story going forward in my opinion, I dont see any change in how they will communicate with shareholders moving forward to inspire us with confidence to keep funding a management style that is not aligning with shareholder sentiment. In this day and age there cannot be this silo between shareholders and their organisation. We have waited too long for results on the ASX and I dont think they care or understand that we are at a pointy end now after many years of the same story that "next year is going to be crazy", with the wins we are gaining behind the scenes. We need major improvement in communication with shareholders and a focus on gaining some trajectory on the market (ASX) with a concentration on alerting the market to what they are doing, that's how this works! Now if someone says "but there are sensitive MOU"s or confidentiality clauses in some contracts, yes I agree and totally get that. So how can the market and Tech journalist know whats going on with news that would rock the ASX if they released on the ASX instead of everyone finding out globally with Podcasts and influencers...months down the track?

All in my opinion, been here for 10 years or more, its been that long I cant remember and we need change big change in fundamentals! Better processes between management and the ASX and a change in governance. Management needs to ask shareholders what they would like to see happen, a questionaire sent out for feedback, because the management style and strategic intent has to keep up (match) with the technology they are providing to the market to be successful. I think we have to be with the times, a proactive management style that understands best marketing practices and PR and no rude answers to shareholders for a simple question at a meeting. Like my teacher always said "marketing, its not just advertising".

Like the tech is constantly changing so does our organisational structure and design and there has been no sign of the latter. I dont think its changed for many years and thats why we are hearing the same blurb year in year out. I am a frustrated shareholder that knows this could be done much better. Its now time for change in direction and only new people can bring that to fruition. A new ecosystem is on the cards in my opinion.

We need a strong sense of urgency for short term wins and a change in under communicating. I believe management has become complacent. Communication comes in both words and deeds. The latter generally the most powerful form. Nothing undermines change more than the behavior of important individuals that is inconsistent with verbal communication.

I think they have reached maturity in the current business process area and new more agile processes should be implemented.A few things to keep in mind.

Are we....

1. Adopting a strategy of "Zoom out? Zoom in" planning
2. Drive a culture of scalable learning, building risk failure tolerance and hiring for culture fit ahead of tech fit.
3. Adopting a talent replenishment model, rethinking traditional models of working.
4. Scaling back to scale ahead and learn from past mistakes. Owning these mistakes to introduce change and scale ahead. Acknowledging this in meetings to shareholders e.g we see feedback on HC about our lack of communication style and we will be improving this immediately (music to our ears). We acknowledge we dont release ASX announcements as often as we could in fairness. We apologise for this, and this will be improved exponentially (music to the global masses ears)!
5. Are we nimble and agile e.g we have noticed on data and some analysis that there were gaps between our departments, and we are now fixing this which will make us more efficient, and an environment NVIDIA would be envious of with the intent to bring their talent to us (not music to NVIDIA's ears).
6. Do we need to change from a vertical departmental structure to a horizontal and project-based approach (making the company flatter and more fluid). In turn this drives speed, agility and nimbleness. If not done already, hell YES!
7. Do our abilities at the top align with the speed of the industry. Well if we knew what was going on maybe we could answer that.
8. Is management able to attract the best talent from around the world based on current culture so we are at the top of our game?

These are all things that need to be relayed to the shareholders. How we are going behind the scenes, what we are doing to have an amazing management team. Some enthusiastic vision of where we will be in the future because we have the best people in the industry and we understand where this is going and bring all us shareholders along for the ride.


Now this could all very well be happening in the background, and I could be totally all wrong in every aspect of my analysis, but I am not hearing it in stereo. In fact, everything is in monotone in respect to the vibe, yah know "its the vibe"....(classic The Castle movie 1997)

Personally, I would like to hear all of the above in stereo along with my soundbar and subwoofer!

AIMHO PDYOR