Announcement PDF While Pentanet’s growth presented challenges in FY23, it also brought us exciting new opportunities to explore. We remain advocates for next-generation technologies that lead the way for Australia’s digital future, and we’re committed to driving advancement in gaming and highperformance connectivity to influence this emerging sector. STEPHEN CORNISH Managing Director Chairman and Managing Director’s Address 04 People and Culture 05 Operational and Financial Review 09 Corporate Directory 19 Director’s Report 20 Remuneration Report (Audited) 26 Auditor’s Independence Declaration 35 Financial Report 36 Directors’ Declaration 75 Independent Auditor’s Report 76 Shareholder Information 80 2023 ANNUAL REPORT PENTANET LTD. Chairman and Managing Director’s Address Welcome to the Pentanet Annual Report for the Financial Year ended 30 June 2023. The 2023 financial year proved to be a mixed performance year for the Company with key product and financial achievements offset by subdued subscriber growth. Technical scaling challenges with the Company’s world-first neXus Terragraph mesh solution created delays to the provision of extra network capacity required to allow new customers to sign up and experience Pentanet’s superfast broadband services and outstanding customer service. Despite the lower subscriber growth, the Company achieved 17% YoY growth in revenues, 15% YoY growth in gross margin and a significant 29% YoY improvement in EBITDA for the financial year. With a strong focus on improving profitability through a wide array of initiatives, the Company’s management team also achieved the significant milestone of positive EBITDA ‘run-rates’ in both of Pentanet’s key operating segments at the end of FY23. With access to 5G spectrum, Pentanet is also addressing its capacity restraints for new customer growth by rolling out new 5G infrastructure to wireless towers in high customer demand areas, where capacity for traditional fixed wireless services has been unavailable. Four towers have been successfully connected for 5G services as at the date of this report, with more in the pipeline for FY24. These critical achievements combined with the additional funding headroom provided by the Company’s $6.4m capital raise in April 2023, position the Company well for subscriber and operating profit growth in FY24. In our Telecommunications segment subscribers continue to embrace our innovative next-generation wireless connections, with low on-net churn of ~1% showcasing on-net customer satisfaction. technologies will allow us to meet the growing demand for faster connectivity for homes and businesses in Western Australia. In the cloud gaming sector, our exclusive Alliance Agreement with NVIDIA for GeForce NOW continues to see growth, with strategic partnerships opening new membership opportunities across a broader demographic of gamers. With our cloud gaming sector reaching EBITDA breakeven in June 2023 whilst maintaining significant capacity for user growth, we remain confident in GeForce NOW’s growth potential. Our wholesale agreement with Optus Mobile Pty Limited (Optus) will see the integration of GeForce NOW into the Optus SubHub subscription management platform, enabling access for Optus’ customers in Australia. This agreement marks a significant milestone for the Company, as we deepen our commercial opportunities into wholesale digital distribution. FY24 will also see the addition of popular Xbox PC games to the GeForce NOW library, already boasting over 1500+ supported titles. The 10-year strategic partnership between Microsoft and NVIDIA will welcome a blockbuster line-up of games from the Xbox PC Game Pass catalogue. Combined with the deployment of NVIDIA’s nextgeneration Gen 3 RTX 3080 SuperPODs to support 4K gaming from the cloud, Pentanet is well-positioned to capitalise on the burgeoning cloud gaming industry in Australia. To close, we wish to express our heartfelt gratitude for the people who have been present for our challenges and success. Our passionate and dedicated staff, guided by our strong leadership team, have been the driving force behind our success. We also extend our thanks to our Board of Directors and the continued support of our shareholders. Your contributions have been invaluable in shaping our growth story, and we eagerly anticipate reaching new heights together on this exciting journey in FY24 and beyond. Looking to the future, we are excited by the opportunities that lie before us. As we continue our passion for providing next-level experiences to all our subscribers, we are confident in Pentanet’s ability to unlock new frontiers and deliver value to all stakeholders. Demand for our on-net services continues to grow, and we remain focused on the strategic expansion of coverage and capacity to deliver higher speed tiers at attractive price points. Our goal is to deliver this growth sustainably, maintaining our commitment to high-performance for existing subscribers whilst attracting prospective subscribers through targeted marketing activity. The upcoming commercial launch of our 5G service is poised to bring significant operational and financial growth to the Company. By leveraging our acquired 5G licensed spectrum, we plan to introduce a refreshed product suite to extract more value from our existing semi-fixed cost infrastructure while also improving gross margin performance. Our collaboration with Cambium Networks Ltd will enable the cost-effective rollout of 5G technologies through a Network-as-a-Service (NaaS) agreement, ensuring a balance network CAPEX expense profile over four years with flexible deployment and no upfront capital expenditure. The combination of Pentanet’s world-first neXus mesh deployment and new 5G infrastructure provides a robust on-net network architecture, with both technologies playing vital roles in our longterm growth strategy. Our commitment to expanding on-net network CHAIRMAN AND MANAGING DIRECTOR’S ADDRESS David Buckingham Non Executive Chairman 30 August 2023 Stephen Cornish Managing Director 30 August 2023 04 2023 ANNUAL REPORT PENTANET LTD. People and Culture Our people are at the core of Pentanet’s success to date. We’ve built a dedicated and imaginative team that strives to pioneer new frontiers in the Australian telecommunications and cloud gaming industries every single day. As we continue to grow, our fundamental principle remains unchanged: delivering next-level service is inherent in everything we do. Our strong values underpin our Company culture, and it comes as no surprise that our people, affectionately known as the ‘PentaFam,’ are a vital pillar of our Company ethos. In a year marked by changes to our internal team structure and a highly competitive job market, Pentanet remains steadfast in our commitment to support our team members. Embracing a full Hybrid work model, we empowered our staff with the autonomy to choose where they wanted to work while still adhering to role-specific requirements. PEOPLE AND CULTURE 05 2023 ANNUAL REPORT Empowerment and Engagement As we continue to grow, we remain dedicated to fostering a positive and fulfilling work atmosphere for all our team members. PENTANET LTD. Happiness Survey exit rate: We understand the value of receiving and acting on feedback from our fortnightly anonymous Happiness survey and an impressive Employee Happiness survey exit rate of 93% (81%:FY22) is testament to our commitment to maintaining a dynamic, inclusive, and supportive workplace environment. As part of our vibrant company culture, we have an active social calendar and plenty of PentaPerks for our team to enjoy at their leisure. We take great pride in offering a comprehensive range of ongoing wellbeing initiatives on top of our standard Employee Assistance Program and mental health first aid training. Some of the most welcomed perks include; discounted gym memberships, fresh fruit and cereal at all office locations, tickets to sporting and cultural events, discounted internet services, and above-award parental leave at full rate. The Shift to Hybrid The move to a Hybrid work model has also opened the door for a new approach to virtual communications. Our internal Last Week Tonight content series provides interdepartmental visibility to celebrate wins and share challenges. We provide high-level insights into our business strategy, milestones, and significant project updates, as well as celebrating team wins, anniversaries and more. In line with our Company value of ‘Be the Supercar’, we encourage and drive education within the business. Our ongoing learning approach gives employees the opportunity to improve their knowledge within their own department and across the business, empowering them to make the right decisions for personal, team and Company success. This includes dedicated tours of our tower and data centre infrastructure, mentoring sessions with seasoned team members, and formalised knowledge sharing between departments. up from in 2022 PentaPerks include: Discounted gym memberships Fresh fruit and cereal at all offices Tickets to sporting and cultural events Above-award parental leave Discounted internet services PEOPLE AND CULTURE 06 2023 ANNUAL REPORT PENTANET LTD. Community Connections During the year, we proudly introduced the Pentahouse, our vibrant retail experience centre located in the heart of Perth’s city centre. Through the Pentahouse we have been able to foster a strong connection with our subscribers across Perth, inviting them to visit us in person to plan their new home or business internet connection, seek assistance with optimising their internal setup, or just enjoy a coffee overlooking Central Park. The inclusion of a GeForce NOW Powered by Pentanet gaming space has also attracted positive attention for visitors to the Perth CBD. PEOPLE AND CULTURE Our connection to community also remains strong, as evidenced by our partnership with the West Perth Falcons football club headquartered at Pentanet Stadium. Our naming rights for this venue has seen us activate the partnership with events like Kids Cyber Week Powered by Pentanet and the GeForce NOW Gaming Hub on WAFL game days. We remain committed to delivering positive experiences in the fields of technology, gaming and esport, to engage our nextgeneration of superstar talent. 07 PENTANET LTD. 2023 ANNUAL REPORT Our Values Impactful Innovation We dare to introduce new ideas and technology that can positively impact the world around us, not just the screens in front of us. Good Connections We bring people together both digitally and IRL for shared experiences and memorable moments. Next level service is just a given. We Meme Business Genuinely hyped on what we do, we take fun stuff seriously, and make serious stuff fun. Unapologetically us, we use our unique attributes and abilities to get shit done. PentaFam First We do whatever it takes for our team and community to know they are safe, protected, and valued as part of the Pentanet family. Be The Supercar The world moves fast, so we move faster with our speed, agility and expertise. High performance is in our DNA, and we bet on ourselves every time. PEOPLE AND CULTURE 08 2023 ANNUAL REPORT PENTANET LTD. Operational and Financial Review At the core of Pentanet’s mission is the fusion of people, the spark of innovation, and the drive to push digital progress for Australia and beyond. Our boldness pushes us to introduce next-generation technologies that have a positive impact beyond screens. In this rapidly changing world, we match every step with agility, speed, and unwavering expertise. Pentanet is more than a telecommunications company. We enhance connection, innovation, education, and entertainment through cuttingedge technology we’re fiercely passionate about. As society increasingly relies on the internet for diverse connections, and as we firmly differentiate ourselves from other Australian telcos, our prospects remain bright across telecommunications and gaming. We’re not just gamers and internet enthusiasts – we’re also stakeholders deeply committed to delivering outstanding experiences both on and offline, with strong network performance translating to positive returns for our valued shareholders. We bring people together digitally and IRL to share unforgettable experiences and memorable moments next level service is just a given. Strategically, we remain committed to our goals: attract and retain subscribers to grow our engaged community while seamlessly integrating cutting-edge technology into our wireless network, creating unmatched customer experiences. OPERATIONAL AND FINANCIAL REVIEW 09 2023 ANNUAL REPORT PENTANET LTD. Key Milestones for the Year JUL • Pentanet renews site license agreements with Indara (Axicom) 2022 • neXus wins 2022 INCITE Award for ‘Transformative Solutions‘ SEP • Pentanet launches new membership plans for GeForce NOW NOV • Pentanet announces GeForce NOW 3080 tiers SuperPODs to be deployed in Australia in 2023 2022 2022 • New Fixed Wireless Tower Commissioning - Yanchep DEC • QoQ EBITDA Losses decreased by 20% 2022 • Pentanet wins ‘Wildfire’ and ‘Hammer’ categories at 2022 Pause Awards JAN • 5G Tower 1 online FEB • New Fixed Wireless Tower Commissioning – Byford 2023 2023 • Microsoft and NVIDIA sign 10 year deal to being Xbox PC Games to GeForce NOW MAR 2023 • Signing of a Collaboration Agreement with Optus to deliver the NVIDIA GeForce NOW cloud gaming via SubHub • QoQ EBITDA losses decreased by 45% • Signing of Memorandum of Understanding with Cambium Networks to deploy 5G network infrastructure under a Network-as-a-Service (NaaS) agreement • 5G Tower 2 online APR • Pentanet raises $6.1 million of share capital for 5G network expansion MAY • 5G Tower 3 online JUN • 5G Tower 4 & 5 online 2023 2023 2023 OPERATIONAL AND FINANCIAL REVIEW • Pentanet exits FY23 with both Telecommunications and Cloud Gaming reaching EBITDA breakeven 10 2023 ANNUAL REPORT PENTANET LTD. Operational Advancements and Future Growth Outlook The Company’s ongoing experience reflects a rising demand for dependable, top-tier, and scalable internet services – a driving force behind the expansion of Pentanet’s on-net capacity to effectively serve the growing needs of Australia’s digital community. Additionally, the Company has observed the consistent momentum of GeForce NOW, with its reach extending to an active audience of almost 400,000 registered CloudGG accounts. FY23 was marked by an intense period of expansion and heightened operational demands for the Company’s network, resulting in a more mature and stabilised network infrastructure. Significant strides were made in the development and productisation of new offerings anchored on the cutting-edge 5G-SA and Terragraph access technologies and the expansion of membership plans for GeForce NOW. Pentanet is now poised for a dynamic and promising FY24, driven by innovation, resilience, and a steadfast commitment to delivering exceptional experiences across its telecommunications and gaming sectors. To meet the increasing demand for premium onnet internet services, the Company continued upgrading tower infrastructure with existing and new technologies. The results of the 5G Fixed Wireless field testing have been particularly positive, proving its viability and potential for the Company’s future coverage expansion plans. Pentanet neXus continues to progress in a measured and controlled manner, with the Company adopting a revised approach to ensure a more resilient network built with efficient redundancy. The Company undertook the task of consolidating backhaul commitments which helped strengthen the telecommunications margin, which saw a 4% increase to 47% YoY. In addition, the Company has delivered on commitments to continuously improve subscriber experience. Initiatives like automated broadband service provisioning coupled with the migration to an in-house service management and billing platform have been setting the foundation for scale as growth continues. The Collaboration Agreement between Optus and Pentanet marked a significant milestone towards the Company’s goal of commercialising GeForce NOW with the introduction of Pentanet’s first large-scale wholesale partner. Through this Agreement, GeForce NOW will be integrated into the Optus SubHub subscription management platform, enabling access for Optus’ customers in Australia, with the potential to accelerate growth for both partners. To facilitate the wholesale supply agreement, integration work between CloudGG, Optus and SubHub has been diligently executed on schedule. OPERATIONAL AND FINANCIAL REVIEW 11 2023 ANNUAL REPORT PENTANET LTD. Financial Performance 17 % FY23 Revenue 20M $ FY22 17M $ FY21 23 % 19M $ FY22 15M $ FY21 15 % 10M $ 8M FY23 Gross Profit $ FY22 7M $ FY21 5M $ ($3M) ($4M) FY22 29 % FY23 EBITDA 11M FY23 Recurring Revenue $ FY21 ($8M) Key Milestones Successful execution of strategic initiatives completed to improve profitability OPERATIONAL AND FINANCIAL REVIEW EBITDA Breakeven exit run rate in June 2023 $6.4m of sucessful share placements completed in Q4FY23 $7.4m closing cash balance 12 2023 ANNUAL REPORT PENTANET LTD. Results Overview Profit & Loss Revenue Gross profit FY23 FY22 $'000 $'000 % change 19,733 16,829 17% 15% 8,469 7,368 1 43% 44% (2%) Other income 1,223 300 307% Operating expenses (12,806) (12,066) (6%) EBITDA (3,114) (4,397) 29% Depreciation and amortisation (4,088) (3,381) (21%) EBIT (7,202) (7,778) 7% Net finance cost (367) (146) (151%) Net loss before tax (7,569) (7,925) 4% Gross margin 1. Gross margin is revenue less network operating cost and hardware expenses, representing the margin generated from customers before the costs of marketing, sales, support and administration cost. 2. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, interest and tax. Revenue increased by 17% YoY to $19.7 million. A 43% YoY increase in gaming segment revenue to $1 million, attributed to a growing number of paid GeForce NOW subscribers, was also achieved. Telecommunications revenue increased by 16% YoY to $18.7 million, with the off-net services price increase driving a 25% YoY increase in off-net recurring revenue. Additionally, Pentanet’s deliberate efforts to migrate off-net subscribers to on-net services and neXus services coming online resulted in a 10% YoY increase in on-net subscription revenue. profitability. Despite this investment, cloud gaming services also reached EBITDA breakeven for Q4 FY23 through increased revenues and other recurring cost-saving initiatives. Other income saw a substantial 307% increase, primarily driven by a cash rebate of $670k from the Australian Tax Office through the Research and Development Tax Incentive scheme and highlights Pentanet’s continuous commitment to bringing next-level internet services to Western Australia. EBITDA loss decreased by 29% to $3.1 million due to the successful execution of strategic initiatives aimed at improving profitability and increasing revenue growth while prudently managing underlying overheads. Consolidated gross profit increased by 15% YoY, reaching $8.5 million and reflecting a gross margin of 43%. In the Telecommunications sector, the gross margin saw a strong uplift of 4.4% YoY to 47%. A combination of factors drove this improvement; successful contract renegotiations leading to a cost of sales reduction, an uptick in higher-margin on-net customers from recent activations of neXus services, and price increases of off-net services. These results underscore the effectiveness of the Company’s strategic initiatives aimed at improving profitability. Early-stage investment of approximately $1.0m in the Company’s gaming services offset the improved Telecommunications segment Gaming segment revenue Revenue Overheads increased 6% YoY, primarily due to team expansion in H1FY23 and other associated costs. Conversely, advertising and marketing expenses decreased by 21% YoY, largely influenced by the costs incurred at the end of the previous financial year for the neXus and GeForce NOW launch campaigns. In Q4FY23, Pentanet completed a successful share placement of $6.4 million which will enable the upgrading of existing tower sites with 5G infrastructure, ultimately contributing to the growth and expansion of on-net services. Pentanet persistently advocates for next-generation technologies that pave the path for Australia’s digital future and FY23 underscores the dedication to realising its strategic vision while navigating distruptive technology challenges. The Company stands confident in the continuation of its transformative journey, delivering excellence in connectivity and entertainment solutions to valued subscribers in the Australian telecommunications and cloud gaming industries. Telecomms revenue Gross profit 17 43 16 15 YoY OPERATIONAL AND FINANCIAL REVIEW YoY YoY YoY 13 2023 ANNUAL REPORT PENTANET LTD. Telecommunications Segment 16 % FY23 Revenue 19M $ FY22 16M $ FY21 18M $ FY22 20 % FY23 Recurring Revenue 11M $ 15M $ FY21 $ FY22 21 % FY23 Gross Profit 10M $ $ FY21 FY22 44 % FY23 EBITDA $ 9M 7M 5M ($2M) ($4M) FY21 ($8M) Key Milestones 50+ towers across Perth with more underway OPERATIONAL AND FINANCIAL REVIEW On-net network capacity expansion on track with four 5G tower upgrades completed $6.4m towards telecommunications infrastructure and 5G spectrum $5.9m Cambium NaaS MoU to fund 5G expansion 14 2023 ANNUAL REPORT PENTANET LTD. Telecommunications Segment Key Metrics FY23 FY22 % change Recurring Revenue % 95% 92% 3% Blended ARPU $91 $90 1% On-net ARPU $89 $87 2% Off-net ARPU $79 $73 8% Subscribers 17.1K 16.7K 2% On-net 39% 39% Off-net* 61% 61% Churn 1.3% On-net churn 1.0% Off-net churn 1.50% *Excludes fibre services Telecommunications Segment FY23 FY22 % change $’000 $’000 Recurring revenue % 17,718 14,751 20% Non-recurring revenue 984 1,356 (27%) Total revenue 18,701 16,107 16% Cost of sales (9,931) (8,844) 12% Gross profit1 8,770 7,263 21% Gross margin 47% 45% 4% EBITDA2 (2,053) (3,646) (44%) Subscribers 17.1K 16.7K 2% 1. Gross margin is revenue less network operating cost and hardware expenses, representing the margin generated from customers before the costs of marketing, sales, support and administration cost. 2. EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, interest and tax. OPERATIONAL AND FINANCIAL REVIEW 15 2023 ANNUAL REPORT PENTANET LTD. Telecomunications Update Pentanet has established itself as one of the market-leading challenger brands marked by its commitment to bringing Perth’s internet up to speed. The Company’s private wireless network footprint of over 50 telecommunications towers across Perth facilitates seamless high-speed connectivity for subscribers, setting new benchmarks in performance. Brand pillars of speed, high performance, impactful innovation, and next-generation technology have become the cornerstones of the Company’s identity continuing to pave the way for WA’s digital future. In FY23, Pentanet maintained strong customer satisfaction results across internal and external feedback metrics. During FY23, the Company showed operational resilience when faced with network capacity constraints and hardware challenges for its new wireless mesh network, requiring a strategic pivot to minimise operational impact while working towards a solution. Despite softer subscriber growth, the Company increased recurring revenue by 20% YoY to $17.7 million, mainly attributed to off-net service price increases which increased off-net recurring revenue by 25% YoY. A 10% YoY increase in on-net subscription revenue was attributed to neXus services coming online and concerted efforts to convert off-net subscribers to on-net as new capacity and coverage became available. The Company’s churn rate for FY23 was 1.31% (0.95%:FY22), with a breakdown between on-net churn at 1.0% and off-net churn at 1.5%. The main reason contributing to this churn was the relocation of subscribers outside of serviceable areas. OPERATIONAL AND FINANCIAL REVIEW Gross profit increased by 21% YoY reaching $8.8 million, with a 4% increase in gross margin to 47%. A combination of factors drove this improvement; successful contract renegotiations leading to a cost of sales reduction, an uptick in higher-margin on-net customers from recent activations of neXus services, and price increases of off-net services. These results underscore the effectiveness of the Company’s strategic initiatives aimed at improving profitability. Key metrics across the telecommunications segment reflected a positive year-on-year trend. • Recurring revenue makes up 95% of total revenue, up by 4% YoY. High-margin on-net subscribers now comprise 39% of the total subscriber base. • Average Recurring Revenue Per User (ARRPU) for on-net services increased by 2% YoY to $89, ARRPU on off-net services improved by 8% YoY to $79 as well as a 2% improvement in blended ARPU, to $91. • An increase in off-net churn more than offset by a 67% profitability improvement following the price increase in October 2022. • Off-net margins improved by 63% YoY, and the on-net margin remained strong at 87%, highlighting the benefits of the on-net service offering and the potential for future margin expansion as the Company’s coverage and on-net subscriber numbers increase. 16 2023 ANNUAL REPORT PENTANET LTD. 5G Fixed Wireless In FY23, the Company initiated the rollout of its 5G network, utilising the licensed 5G 26GHz mm Wave Spectrum. The installation of 5G infrastructure is expected to deliver new on-net coverage to nearly 25,000 premises in the Perth metropolitan area. The Company installed its fourth tower with 5G infrastructure, which is now fully operational and ready for adding on-net services. The Company strategically selected high-demand sites across its existing tower footprint for the initial infrastructure deployment, to amplify coverage in high-demand areas and drive on-net subscriber growth into FY24 and beyond. By adding additional coverage in these high-demand areas, the Company will alleviate existing capacity constraints on the traditional fixed wireless network, which will allow the Company to extract more value from the traditional infrastructure and improve the quality of service at these sites. The required hardware for the 5G network rollout will be financed through a $5.95 million Cambium Network-as-a-Service (NaaS) vendor financing facility spreading CAPEX for the 5G network expansion plans over future years. The 5G service is expected to increase the Company’s on-net service offering and capacity, heightening its ability to service and add more on-net users at a higher rate. The fundamentals of the on-net service offering remain strong and with the additional capacity and introduction of this new technology to the network, the Company will expand its existing product offering in an effort to meet the ever-growing demand for dependable, top-tier, and scalable internet services. neXus Pentanet’s neXus is a next-generation wireless mesh infrastructure designed to address the demand for higher upload and download speeds with aggressive pricing. neXus will offer unique advantages that complement Pentanet’s traditional wireless network and new services, working together to expand capacity and coverage in the Perth metropolitan area. The intelligent mesh design of neXus allows for the deployment of a high-speed wireless network at a large scale across Perth, with reduced physical constraints related to line of sight. This capability makes neXus an ideal solution for expanding coverage in specific areas where deploying traditional infrastructure might be challenging or costly. FY23 saw the launch of neXus, with the network rollout continuing to progress in a measured and controlled manner. Using insights gathered across the beta phase and launch period, the Company has adopted a revised approach to ensure a more resilient network built with efficient redundancy, with a dedicated team now solely focused on the expansion of the neXus network. Moving into FY24, the rollout will utilise the existing 2,000 units in stock to increase coverage across the areas served by the neXus mesh network. OPERATIONAL AND FINANCIAL REVIEW 17 2023 ANNUAL REPORT PENTANET LTD. Cloud Gaming Cloud gaming has taken off in Australia, and Pentanet is one of the clear market leaders in this exciting new market opportunity. With gaming firmly planted in the Company’s foundations and the Pentanet network optimised for the best possible connections to gaming servers, Pentanet successfully secured the position as exclusive regional Alliance Partner for NVIDIA GeForce NOW in Australia. Key Milestones 376,000+ CloudGG users and GeForce NOW Members $5m Westpac Facility to fund Gen 3 deployment NVIDIA’s premiere cloud-based game streaming service, GeForce NOW, was launched in 2021 to an eager market of gamers across Australia, with over 376,000 users streaming over 350 million minutes of gameplay from the cloud since launch. The Company is pleased to report the achievement of EBITDA breakeven in June 2023, due to increased paid subscriber growth, operating cost reaching economic scale and Optus revenue, with significant additional capacity available for paid user growth. Geforce NOW Gen 3 hardware acquired In 1HFY23, the Company unveiled a new suite of mid-market membe