NAN Feb 20 2025.pdf

Results attached. More green shoots for NAN. Tons of cash in the bank. Good to see more sales of units and upgrades of units. Market seems to like the news too.

The next step is obviously getting Coris through, which wont be till next year. Happy to sit and wait while it continues to generate pretty good cash.

Nessy

Held

Good insight from the Lakehouse guys.

We caught up with representatives of the Nanosonics board during the month to discuss voting resolutions ahead of the AGM. A key focus of our conversation was their framework to assess return on investment for the company’s increasing research and development (R&D) spend. We came away with a better understanding of the board’s focus on delivering the CORIS platform in the year ahead after a very drawn out expectation-setting with the market. Launch of CORIS will be an important milestone for the business after years of R&D spend as it will move the business toward its ambition of being a genuine multi-product Lakehouse Small Companies Fund Monthly Letter Page 4 company. In the meantime, we expect the existing trophon platform to continue growing at a healthy clip and generating a satisfactory annuity-like income stream.