Great write up @mikebrisy, and I agree it was a pretty positive quarter, and it is good to see that FCF back in the positive zone. I am still backing them to avoid a cap raise, the implementation revenue (approx $400K) from the Dep of Finance and some of the Veteran affairs revenue (maybe $100-200K) will be recognised in H1 24. I think it is also likely that we will have a relatively steady flow of implementation revenue from other departments that will bridge the gap until the live user SaaS revenue builds.
It will be interesting to see how the live users change over the next 6 months, my understanding is that they wont change in a big way now until December, as the departments are the ones that decide when they do the roll overs. I think in one of the presentations they said the departments like to do them in June and December year ends, but I think this was mainly for the bigger departments the smaller ones might just trickle in.
The price jumps on these announcements are a bit crazy, and really reinforces to me how important it is to do your research and buy into these microcaps early, when you think the numbers will be good and try to remove sentiment as much as possible. Nothing about this annoncement is really surprising if you have been paying attention and following them for a while. It is more just confirmation that they are delivering on what they said they would do.