Today's presentation from AVA really only provides some incremental details on some of their recent key contracts, trials and case studies, as well as reaffirming the positive full-year outlook.

While the details re Telstra are somewhat vague (probably unavoidable given there's no minimum spend or pre-commitment) it really does sound like it has the potential to really move the dial, as well as provide a valuable reference case for other prospects.

I agree @Slideup that the more recent 3 year outlook does seem to be walking things back a bit. Still, even if its broadly directionally correct, and Mal is right in his assertions that the fixed cost base is unlikely to change, it underscores a case for value.

For now, the market is (perhaps rightly) wanting to see some good evidence of ongoing sales growth before it's prepared to re-rate shares. Mal's had a year to position the business for growth, a reasonable period of grace imo, but now it's time to see some good deal flow (and ideally from some big customers).