Had a quick look at the financials and on the slumping s/p it may be a buy soon (6.6c at time of writing).

December qtr cash flow shows about $2.5M operating c/f which is good but I'm taking out PPE and capitalised development which brings it down to $2,047k. This is a good quarter so it may not be fair to annualise it, but if you did, there's about $8M positive c/f and with current market cap of $90M that's about 11x.

Looking at the Dec half yearly, P&L is negative but I'm adjusting that in a number of ways to estimate the "real" profit.

Add back D&A but subtract the PPE and capitalised dev. Also, there are a lot of one-off costs so you could argue for an underlying profit of about $2.75M which for a half is still not great. If it's stacked towards the most recent quarter, then it's a green shoot to watch.

Third straw in the wind is the growth. Seems like the sales teams are starting to cross-sell, some of the longer lead-time government contracts are bearing fruit and there's been some spending on the NOC which may increase margin in the future. It's not SaaS but there are some high margin retainers and services in the mix as well as consulting type professional services.

If you buy the growth story, then the positive c/f makes this a buy but there's a lot of risk that green shoots will die in the next news.

Q3 cash flow should be out soon and that will add some confidence to the picture.