Tracking FY19 guidance

FY19 guidance of US$44m in Smart Products Solutions (SPS) product range

Quite early in the year to kick this off ... and we will get some clarity after the quarterly at the end of this month, but based on what we have heard ... it looks like we are about 10% there after Q1.

Aspiral - Latin America contract US$1.7m
Aspiral - iTEST contract US$2.5m (estimate)
Aspiral - Hebei and Zhejiang China (in investor preso - pilot orders) US$0.2m (estimate)

Total announced SPS orders for Q1 = US$4.4m or 10% of our FY19 target.

Whilst that doesn't sound great at first glance... there is a silver lining to the Q1 result:

1. If we are to achieve the US$44m target... management must have a lot of large orders in the pipeline.
2. Whilst no guidance was provided for revenue outside of SPS, we had some large wins in Egypt and Ivory Coast .. making it a very successful Q1 overall.

To get an idea of what US$44m in SPS products looks like... using estimates of US$70k a unit and US$500k for a Nirobox unit (keeping in mind there are different sizes for each), that is 629 Aspiral units or 88 Nirobox's. So far we have less than 50 Aspiral ordered YTD... and it generated a decent amount of excitement.

If guidance is met (and they tend to come pretty close), we have more than 10x the volume we have seen in Q1 in the next three quarters to look forward to.