KEEN AS MUSTARD - Multi Bagger, page-11

This business has 2 units, Space Tracking and Weapons Systems.
Both basically use the same IP regarding tracking objects.

Space, they say they have spent $80 mill developing this bit, and are expecting first tracking revenues later in the yr. They view this as an "infrastructure asset" in that they track space debris daily, and given their orbits change daily, client’s will need the data on an ongoing basis, hence revenue will be reoccurring. Main customers here will likely be satellite operators and Government for defence purposes likely. The tracking stations are largely automated also, meaning likely high margin.

Weapons, they make a number of difference remote weapons systems that are “more accurate and lighter than any competitor in the market place”. This is quite extraordinary given most of their competitors are $billion dollar companies, Kongsberg/Rafale etc. The numerous contracts they are chasing are all large Government Defence contracts. I think at the agm last yr they stated there was a number of very large contracts that should be completed within 12 months max. The agm was May last yr.

The Board is very solid, with many X Defence guys both here and in the US on the Board.

It’s a really good story given "Defence" is a growth area and most revenues will likely be in USD I would assume.
I’ve watched this/owned it for a long time