The $0.48m cash receipt you are referring to is to be spread over the full year, it isn't recurring each quarter. On my numbers they are not yet profitable but seem to be close.
Huge amount of operating leverage. If they win another ANZ type deal (and there seems to be a few out there) then the valuation ramps up significantly. Management have a lot of experience.
I don't think there will be any contract announcements before Christmas. These types of deals take forever to close. If/when they win one it will re-rate.
IPOing today, looks good, page-34
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