Doing my due diligence on AVA Risk and feel the need to illustrate this from their last investor presentation. Yep, it is old news from the end of August, but as it had not been explicitly mentioned I thought I should add it in.

They are only barely profitable when you factor out the IMoD contract - which makes any valuation based on their current P/E questionable.

Saying that I still chose to add them to my RL portfolio, but I will be keeping an eye on their profitability (with large contracts like IMoD factored out) going forward.

Disc: Held