Ann: Quarterly Activities Update and Appendix 4C, page-16

I’m not sure there is enough info out about gross margin to calculate breakeven. Costs have to scale with growth and I suspect breakeven is a long way off.

Customer revenue has to grow from current $3.3m to about $18m this year and then $32 next year to meet the forecasts used in the Sophisticated Investor valuation. I presume these forecasts were provided by management to SI? Doesn’t feel realistic to me the way things are tracking.

Current revenue growth still impressive IMO. Just think the SI forecasts are a bit crazy. And the SI share price target is promoted by the company.