tl;dr -- It was a good final quarter, but H2 revenue was at the very bottom of guidance issued in April and FY revenue was up only 5.6% for the full year. EBITDA was positive (but unquantified) in H2, compared with -$900k in H1. Positioned well for accelerating growth -- according to the company -- but no guidance given at this stage.

Here's the key figures:

• Q4 sales order intake of $9m, second highest on record (pro forma), 50% above preceding quarter and 17% above previous 4th quarter
• The company brought in $35.3m in sales across the full year -- 14% up on last year
• The sales order backlog of $8.5m compares with $3.5m a year ago.
• FY24 revenue of $30.2m compared to $28.6m in FY23, representing growth of 5.6%
• At the end of Q3 in April, they said they were expecting $16-20m in revenue for the second half. Given they did $14.2m in H1 revenue, the result was at the very bottom of the range
• Telstra supply agreement disrupted a bit by restructuring within Telstra

My view: good to see a decent lift in sales orders and the partnerships with some big clients seem to be progressing well. Nice to see some cross-sell wins, and extensions to previous contracts. But material growth remains elusive.. Still, at 1x revenue (pre market open) it's not exactly priced for much growth. With the *potential* for good operating leverage, and some major trials in the pipeline, FY25 could be the year we finally see some good earnings growth.

If not, I'll concede defeat and move on.