as usual good summary. I was more worried about 1H result because A) 1Q was weak and B) it announced some random announcement regarding a partnership with Devo before the 1H result ( I thought this was something like 3DP tactics or what)

Now that it has a strong update for 1H, I am taking the partnership announcement with Devo much more seriously.

Agree @Valueinvestor0909 at first I thought the Devo announcement seemed like a fluff one that could have been a paragraph in a quarterly update, but on a closer read it is more than your usual reseller/distribution partnership. Devo is integrating Snare into their cyber security software for all customers, new and existing. Given it's usage based pricing there may have to be an upsell to customers to convince them to use Snare but it's certainly a step up from a traditional partnership. This paragraph is the key to the announcement I think, signalling PRO view Snare as an add on to other products:

@Wini Agree, I did some digging around and Devo is already advertised to their clients as follows here

and it seems, based on its website, it has number of clients ( devo raised $100m last year with $2b valuation so it must have significant revenue )

and 2 days ago, it has updated its document webpage : https://docs.devo.com/space/latest/479363146/Devo+Endpoint+Agent+2.0+by+Snare

So yeah, it does look promising.

@Valueinvestor0909 I think today's announcement with more detail on the Devo agreement shows some of the promise is already coming to fruition. While the original announcement was positive, my worry was even if Snare was integrated into Devo's software there would still be some form of upsell required to customers to use it. But the announcement today clarified the go to market and it's extremely positive for PRO:

~$5m in incremental ARR as they bring Devo customers onboard over time (aiming for the next 18 months), with no additional cost to the end customer and PRO not having to invest any sales resources into winning customers. I'm sure there will be customer support customers, but this looks like ~$5m of incremental revenue at very high margins.

Devo partnership looking better by the day. Attended an Investor call and heard that not only this partnership doesn't require any selling or implementing effort. It is implemented in their cloud so no hosting fees either. Looking forward to seeing the majority of 5m falling to the bottom line from FY25 onwards.

Hi @Valueinvestor0909, I also attended and agree it sounded on track.

However, I didn’t understand his reply to the question about how much of the expected $5 million ARR from Devo was already accounted for by Prophecy in currently published ARR projections. Did you catch that?

Last published ARR (24.9m) was at the end of 1H 24 and that didn't include any devo contribution. after 1H, they published that 1st devo customer is live and 1m of ARR is expected to be added by mid CY24 ( not sure if it would eventuate before the close of FY24)

@lastever PRO define ARR as recurring revenue in the last reported month x 12, so until they are actually generating revenue you won't see Devo in the ARR numbers. It was a bit confusing because they don't report it normally, but Brad mentioned something like the $5m is CARR, and will convert to ARR as customers are onboarded and commence billing. I think based on the commentary so far they expect about $1m to be recognised in June this year, contributing to the ARR at that point.