There is a difference between receiving material benefit and making material change or effect.
According to ASX, the general rule of immediate notice of material information is :
"3.1 Once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity's securities, the entity must immediately tell ASX that information. "
A deal could create material benefit without leading to immediate material effect on the company's share price.
Taking BHP as an example. Let's say a train fully loaded with coal has just left Peak Downs. BHP will certainly recieve some material benefit from selling that coal for obvious reason. However, it does not make any material effect on the share price because everyone expect BHP to generate profit from a coal mine that has been operating for decades.
A material effect would be situations like BHP selling one of its project at a premium price, which will lead to a instant material-changing injection of capital into the company's balance sheet, therefore, should be announced on ASX.
As for AVA, appearantly the management has been taking this general rule quite literally. Protecting another pipeline or fenceline is no longer a material changing news in the eyes of management, since the company has been doing it for a long time. An anouncement will only be made when there is new markets or new technologies involved.
Here are the anoucements other than things like trading updates or change in director's interest made by AVA in the last financial year:
![d870f71ec7f3f7e10c76c9ca6e18980f3dccd9.png](//strawman.com/member/uploads/objects/1d/d870f71ec7f3f7e10c76c9ca6e18980f3dccd9.png)
Here are the contracts anounced on FFT's website that has not been anounced on ASX in the past 12 months:
June 13, 2023, Pipeline TPI contract in the border region of Colombia and Venezuela
June 8, 2023, Pipeline protection for Papujune copper processing plant
May 30, 2023, Pipeline protection in Turkey
January 20, 2023, Wind farm protection in England
I'm sure that there are many other contracts that haven't been anouced on any platform as requested by the clients.
You can see how the company has been restricting itself from abusing the general rules of ASX unlike many other small caps out there releasing any news available with the sole purpose of keeping the share price at certain leve.
I don't think you need to worried about AVA not making money since you can always look at the company's quarterly trading updates. The past financial year wasn't mind blowing but it wasn't too bad either. The company is probably not going to reach the $70m goal in the next three year, but they will get there eventually if nothing terribly wrong happens.
Also, please let me know which part of the business model is confusing to you and let's investigate those questions together. It's a great learning opportunity for me to revist the things that I thought I new.