Amidst all the excitement last week, I just realised that BOT dropped its FY25 Appendix 4E and Annual Report at about 5.20pm on Friday 30 June 2025.

This was surprising as (1) there was no preso or webinar, just a straight drop of the 4E (2) it was as late as they come - after trading hours on the last day of reporting season?

Looked at FY2024, and it seems this is normal for BOT - last day drop, no preso (there was a webinar 2 weeks later to update on Sofdra). This being my first year as a BOT investor, is this normal, what I would call "tardiness"??

Discl: Held IRL and in SM

Had a quick glance through the BOT Cannacord Genuity Preso which was released on 12 Aug 2025. It was a good summary refresher of the BOT story for me being relatively new to BOT.

What caught my eye, though, was the few slides on the "fulfilment platform" - see extracts below.

• It was interesting to see the re-positioning of the fulfilment platform as a means to improve GTN yield, expediting fulfilment etc.
• There were 18 content slides in the pack. The fulfilment platform appeared in 5 of the 18 slides, about 27% of the pack - a very decent amount of airtime, I thought.
• This positioning is almost exactly how Matt O'Callahan positioned the platform in the SM meeting - how Matt described it, and how it is positioned in this slide pack makes total sense to me - its a differentiator and will make a difference, but there is no "formal" or tangible" dependence on it to drive growth/uptake
• Quite a sharp contrast to the deafening slience on the platform in the last 2 updates, starting with "The Nightmare"

Given this airtime, this does not sound like a capability that is dead/shafted/pushed to the side ... could this be the start of the platform revival instead, I wonder?

Discl: Held IRL and in SM

Am methodically working through all the posts on BOT since "The Nightmare" of early July to take stock and review my conviction on BOT and action to take. There are lots and lots of very valuable insights ...

Upfront apologies for what feels like a dumb question to me, being rather new to BOT, but it keeps popping up in my head as I work through the posts on BOT:

"What is the utopia target or targets, implicitly or explicitly, that the market is expecting from BOT which caused the huge disappointment following the July "The Nightmare" announcement ie, oh crap, given current trajectory, I think target x is going to be missed/delayed/short ...

Is it $100m top line revenue in CY2026? Or cash flow positive in CY2026? Both? Or something else? I had $100 top line revenue in CY2026 as a goal that I think popped up in the Matt SM interview.

The reason for asking is that it feels like a lot of the analysis seems to be trying to establish if BOT can still get to "something" but I am not clear what that "something" is.

Or should I just ignore that "something" and work bottom up to determine if the investment case still makes sense, given current trajectory, which is how I framed my thesis. Sofdra is going to change lives, there is a huge TAM, and BOT is well positioned to go after that TAM in the coming months/years ... onward and upward?

Discl: Held IRL and in SM

The language of this is interesting and positive sounding ...

Discl: Held IRL and in SM