There is a long list of stuff in the ASX announcement. For me the key questions have been store rollout vs 'contracted stores' and revenue growth. In past quarters the contracted store growth was great but the rollout very slow. Management said this was due to COVID contraints. Pleasing then that the total number of installed stores increased 30% from the previous quarter. There is a chart in the announcement that shows what a distinct increase this is. They still have plenty to do with 9300 contracted stores of which they have rolled out to 3480.

Revenue also increased 30% from the past quarter. Not so great is that costs are around $2M/quarter so they need to rollout to all contracted stores to break even unless the average revenue per store increases. Even if the store rollout increases to 1000 per quarter and costs remain the same, it will be six quarters to break even.

From the announcement.

• Exceeding expectations, Cash Receipts from Customers grew 31% to US$675kfor the March ended Quarter, Q1 FY2021, compared to prior quarter (Q4 FY2020), over 3.3 times compared to same quarter in the previousyear.
• Install base grew 30.5% compared to previous quarter, reaching 3,480 stores globally (up from2,663 storesin the prior quarter).

All the stuff they do and customers they have signed are really great and the franchises will be 'sticky' but the revenue seems slow to follow. So there is still plenty that could go wrong before they go big.