As outlined in the quarterly update, and adding to @boogee's...

As outlined in the quarterly update, and adding to @boogee's above comment (drawing on my past posts, too):

1) US Naval ship contracts: For the US Navy deal, if all goes to plan then 70 ships will require 3100 cubic feet of CFOAM. Which I calculated as 1889 pellets per ship. Therefore, in total across all ships, that equates to $17M in revenue for CFO and I am being conservative in the calculations. We could expect, therefore, an announcement regarding naval contracts.

2) CFO management are "currently in discussions with one of the world's pre-eminent aerospace tooling companies" concerning the utilisation of CFOAM for the "construction of a very large aircraft tooling component."  For the large aircraft tooling, if all goes to plan then 15000 cubic feet of CFOAM is required for one tool. I calculated this as 9144 pellets. They say that, "multiple tools" would be produced "annually" if all goes to plan. Lets assume they produce 3 tools per year; that equates to AUD $3.7M PER ANNUM. We could expect, therefore, an announcement regarding this aerospace company.

3) From the quarterly update: "Senior CFO personnel attended JEC Composites Conference in Paris and held multiple meetings with important tooling, aerospace and rail customers in Europe." So, we could expect announcements on progress with a rail customer/s in Europe.

4) The company also stated in the quarterly, that they were "sending PFOAM pellets to CERN" for testing to see if the product could "aid in subatomic particle research." So, we could expect an announcement here, too.

5) The quarterly also stated that the company would be looking to, potentially, upgrade it's production capability (which is great news) by upscaling to a larger factory. Additionally, the company also relocated the 'coal pulveriser' last quarter, and was re-erecting the machine this quarter. Once full re-erected, capacity would increase "to many multiples of current capacity." So, we could hear news on the progress of either of these.

6, 7, 8 ....) I also forgot to mention ... we could expect news regarding progress into fire resistance programs, energy absorbing programs, home and related applications, commercial homewares and PFOAM, which in itself is massive.

When I spoke with Mike earlier this year, he said to me - in short hand - that: "everything was progressing as expected, with: significant interest from potential customers, growing applications and market segments for CFOAM and PFOAM use and enhanced production capability." He did say though, that: "it would take time - given management were trying to commercialise a previously research based product - and that nothing significant would be announced until after the quarterly." Well ... the quarterly has come and gone ... so I would expect to hear some pretty exciting news regarding progress on all of the above points in the coming weeks and months.

I agree with @Skyscrapper, management do need to start landing some contracts or at least announcing the MOUs or partnerships they already have with aerospace/railway/etc customers. But equally, given the margins, products and markets CFO can disrupt ... I'm happy to chuck this in my draw and sit on it.

Don't rely solely on this investing many making investment decisions; my opinion only. All the best.

"The stock market acts to transfer money from the impatient, to the patient."