Clearly the key binary event for CXZ coming up is whether their GM contract is renewed (due mid/late this year). I note this excerpt below from their release today.

a) this is not nothing if it ends up coming off - probably 10-15% revenue increase which will mostly drop to bottom line but, regardless, b) is this the type of thing GM would commission them to do if they are intending to move to a new software provider this year?

If you think the contract will be renewed then you have a vehicle with around $10m in cash/investments and long runway of earning a steady A$3m+ NPAT (with growth options albeit patchy ones). All for $21m.