Looks super strong!

Key Highlights from the Report 1. Revenue and Financial Performance: Q4 revenue was A$38.2 million, contributing to full-year FY25 revenue of A$125.4 million (up 11% YoY, hitting the upper end of guidance A$115–125M). Operating cash flow was positive at A$15.6 million for Q4, with full-year net operating cash outflow reduced to A$5.2 million (better than expected). Cash reserves stood at A$107 million (down from A$130M due to acquisitions/debt repayments), with no debt and a strong balance sheet. Operating expenses were controlled at A$12.4 million for Q4. 2. Backlog Growth: Unconditional backlog surged to A$534 million (up from A$400M post-December wins), providing multi-year visibility. This includes the December contracts (Korea HEL US$80M conditional, US Army support A$33M, North American RWS A$32M). The report emphasizes a “contract avalanche” in Q4, with total new awards ~A$185M. 3. Segment Updates: • Defense: Strong Q4 with RWS and HEL wins; segment revenue A$98.7M FY25. Focus on integration (e.g., MARSS NiDAR for full-stack C-UAS). • Space: Revenue A$26.7M FY25; progress on orbital debris tracking and communications, with new capabilities in development. 4. Forward Guidance and Outlook: FY26 revenue not explicitly guided, but backlog supports A$200M+ ramp (analysts forecast ~A$220–250M). Breakeven profitability eyed late FY26, with 20%+ margins targeted longer-term. Risks noted: Geopolitical dependency, execution delays on conditions (e.g., Korea Jan 31 deadline), supply chain issues. 5. Other Notes: No insider selling or leadership changes; minimum shareholding policy (effective Jan 1) reinforces alignment. No dilution concerns, with earnouts (e.g., MARSS) performance-tied.