Interesting call today with the 4C out. Rev/samples used both up 53% yoy. c79 is mainly a unit deployed and return on unit story. units deployed aligns with my growth expectations of 10 for fy25, being 5 for the half. mgt commented that sales are the bottleneck here and the manufacturing cadence is 20pa and they are aiming for this rate of growth. i have them peaking at 18pa in 2029. they will have 6% of the TAM at fy25, ie plenty to go. they have added to sales staff and mentioned that SGS are doing a good job marketing the photon assays method. the miners' TAM is 2/3 of the total (labs 1/3) but takes more intensive marketing as they are much more dispersed than the labs (4 vrs hundreds). interestingly they described the gold activity as low, exploration is not great, despite the gold price. there is an expectation of a pick-up at some stage.

the pipeline appears strong with 12 contracted that would just about hit my fy26 numbers. there is a concentration of units being deployed but i suspect that will occur as each miner moves across to photon.

capex was high in the 2Q, mgt mentioned timing and infrastructure and capex is expected to be on trend in 3Q. no big movement in cost per unit.

FH results are in a month, as far as micros go i view this one as having a more certain outlook. if all my assumptions hold (we shall see on that one) SP could double

disc held