Yes I have spoken to them in the past and they have broken up the orders into categories in the latest update in response.
As an exercise if we compare production and manufacturing costs to revenue in the quarterlies last year the gross margin appears to be 30%. Oddly the cash receipts in the annual accounts are less than in the quarterlies and would suggest a gross margin of 25%. Fixed costs (staff and admin) are around $6 million.
Revenue of $14 million this year, guessed at above, implies a loss of $1.8 million to $2.5 million this year.
My guess of revenue of $14 million this year comes from page 2 of the update which shows $8-11 million from existing customer orders and $2-$4 million from new customer opportunities. I have ignored the LAAS ,international and other orders which total under $1 million. That gives a range of $10-15 million for orders. While only 70-75% of this order book converts to revenue, presumably we may get more orders that are filled this year that we do not know about yet. We got $2.2 million new orders last quarter and assuming another $6.6 million in the rest of the year we get orders of $16.6 to $21.6 million. The mid point of $19.6 million suggests revenue of around $14 million depending on the exact conversion rate used.
To break even requires non-LAAS revenue of $20-25 million depending on whether the gross margin is 25% or 30%. I note increasing LAAS would incur up front costs and spread revenue over following years, but little has been included this year so I have ignored it. So break even might be possible next year if revenue rose from $14 million this year by 50% plus to $20-25 million in FY 20. There are a lot of assumptions, but the above at least gives some orders of magnitude.
