Pinned straw:
A flushing out of the weak hands perhaps @topowl?
Share price is down 22% over the last 12 months. At the same time, revenue from continuing operations and new sales orders up strongly, operating margins expanding, and management guiding for "substantively higher" H2 revenues, and talking up ambitions for up to $100m in revenue within 3 years. No imminent threat of a cap raise. Ok, sure, there are negatives, and we're yet to see if they can deliver on some of these ambitious targets, but it seems there's a disconnect here.
Some fairly timid assumptions will get you to at least $4m in EBITDA in the next couple of years (in fact, it could easily be double this), and yet the enterprise value of the company is $40m.
To be fair, I don't think the market is unreasonable in wanting to see some solid evidence that the much touted growth will be realised. But if there are any signs of that, I bit of a re-rate would seem likely.