I had a brief look at the FY22 Results. Revenue is lumpy and fell significantly with lower hardware sales and less R&D revenue (grants?). SaaS is going in the right direction but still tiny.

A few other observations/risks:

• $4.9m loss and cash burning fast in last 6 months, down from $9.4m in Dec to $6.6m June (note: $17m was raised via SPP back in Sep 2020)
• Lots of investment in product, sales in multiple countries (not easy)
• They are investing in accreditation for UK military standards
• They are busy delivering a $3.8 million 2-year contract with the Australian Department of Defence

I think it will be important to monitor the performance of operations in the next year as they scale up. Particularly progress on their UK accreditation and AU defence schedule which will be critical for repeat business and as a reference site.

I feels like it is very early to be a shareholder as they scale up through such significant milestones especially given they just hired 40 new people out of a total headcount of 60. I see the recent comments on here regarding their TAM and recent wins but on balance I am happy to watch a little longer.