Ann: Appendix 4C - Quarterly & Activity Report, page-6

The Company continues its progress in generating a sustainable revenue stream since listing on the Australian Securities Exchange (ASX) in June 2017. At this early stage, the Board does not expect revenue to be consistent from quarter to quarter, because of seasonality and allowing for an adjustment period as the Company absorbs new people, adds new products and verticals and adapts to its routine after an IPO but maintains its positive outlook for calendar Q4 and beyond. This optimism is based on three complimentary facts:
• New hiring of key and savvy executives in Elsight’s sales organisation post IPO;
• Typical sales cycle in some key opportunities is expected to be 6-12 months and as such is expected to materialise shortly; and
• Healthy and growing sales funnel in Q4 and beyond.