@Noddy74 did a great job at providing a summary of what BirDog do a number of months ago and provided a good summary of why I wouldn't suggest one rushes in to buy the stock. With about 70% shaved off from their IPO price, and some good execution this year, I think this is one that's become more interesting.

Catching up on some of the recent 4Cs, I found it interesting to note that they have the equivalent of their market cap in cash+inventories.

1. 204,615,385 shares issued at $0.205 = ~$41.9M market cap
2. 4C says: "Strong cash balance of A$23.1 million as at 30 June 2022" & "A$18.8 million as at 30 June 2022 in current inventory"
3. Adding cash an inventory together you get $41.9M

Now, inventories can go unsold and void, especially in an industry like this one where the technology moves fast, but I think this makes the company worth keeping an eye on. In a recent presentation the CEO talked about their growing software suite, which could, in the long run, help bring those margins closer to the 30% mark. (they appear to be ~24% as it stands).

I expect they may continue to bleed a little cash in the next quarters as they follow their prospectus and continue to build inventory, and am interested to see what happens after.