I didn't take great notes during the meeting, but a few things that stood out:

• Scott aims to triple revenue over the next few years, while maintaining and growing profitability. Aspirations are great, execution is another thing altogether.. But still, it does give a sense of what he at least believes is possible. Given the company is on a trailing PE of 8, there'd seem to be a lot of value on offer if you think he can pull it off.
• Ballistics (armour) is clearly where the growth lies. The tech segment, which effectively only sells three different drones, and only has one customer (the Aus Defense force) is profitable and has secured some long term maintenance revenue, but it's not where the action is.
• Moving to the US makes a huge amount of sense and should radically enhance the share of end-customer wallet and market opportunity. The militarisation of the US police force is definitely a thing, and I can certainly understand his optimism.
• The XTClave is a sunk cost (circa $10m) that has a good deal of slack to support much higher volumes, and can underpin decent gross margins for a good while yet
• I haven't done the work, but I can take at face value the claim that their armour is best in class (as Scott said, it either stops a bullet or doesn't)
• The tailwinds are (sadly) very real. National defence budgets are only going up
• The big drop in the cash balance is a function of unearned income rolling over (pre-paid for previous big contract). Balance sheet remains in good shape, there are no funding concerns
• Expect an acquisition. Maybe even soon. They are clearly actively looking. It will be in the Ballistics area. I suspect they just need a better share price to lower the cost of capital and they'll pull the trigger. Honestly, this is one of the biggest risks for me -- acquisitions are so hard to get right.

I will be taking a small watching position here on Strawman.