Hey GazD,

ART is a large allocation for me, so of course I listened into the annual meeting a week or 2 ago. Prior to meeting, I was starting to think of trimming back due to these media partnerships and what they will mean for valuation. Obviously they will get the top line revenue growth, UK is going well and US a bit of an unknown ATM. Tim has said 20x revenue growth from these partnerships in AUS which perhaps will be 10x as a guess in these subsidiary arms they have set up. And then the surprise at the AGM - another bunch of media partnerships (3 from memory) so they are really gunning down on this approach - seems to work and they are selling it as a small risk approach.

I am holding (and glad I have over the last 2 weeks :)), as this is the peak QTR for revenue and you can tell the excitement in the UK arm performance when Tim talks. The company is predictable, in a good way for a small tech company. Many times they have announced and the share price does not move as it simply meets expectations. Volume trend has changed since the AGM and this might hit the $0.35 mark by Christmas.

With all that said, some analysts have come out and lowered earnings per share and pushed profit out to FY26-FY27. The spreadsheet will be out over Christmas to fully understand the impact of these (numerous) media partnerships which is now their default approach, I will update on SM then if any interesting insights. A shareholder did stand up at the meeting to ask around the specifics when unfortunately, I got cut off from listening. Hopefully I can find a recording or re-listen !