I agree with the comments made, but thought I would put a bear case.

Bear case #1. No large follow-on orders, revenues drop to the previous average.

Bear case #2. Large order does eventuate, but requires setting up a manufacturing capability in the USA. This goes poorly.

I wouldn’t be at all surprised if #2 happened, although perhaps someone here knows about the US government incentives that de-risk this?

Held

Big thanks to @Strawman for the meeting and @mikebrisy for his thoughts.

My small spec position in RFT is largely based on waiting for a rerate based on their very good recent sales. Since they have been around for 30 years and profitable they seem pretty solid. Last half results seem to indicate that they can turn higher revenue into higher profit.

The plan, barring thesis creep, is to exit after a year or two following a share price lift. Seems to have a reasonable chance of coming off? I don’t think the upside is reflected in the share price.