Ann: Appendix 4C - quarterly-XTD.AX, page-10

It's probably what they "should" be doing but sentiment ultimately rules the stock market.

If I remember correctly the company had also flagged New York trials and demonstrations to occur in late Q1 / early Q2, but nothing eventuated. The point is the company has previously failed to achieve milestones previously flagged (probably through no fault of their own), and now further milestones are delayed somewhat, so the market is pricing in a failure to achieve contracts.