M7T has posted a solid 3QFY21 result which has restored investor confidence. M7T generated A$8.4m in cash receipts and net operating cashflow of A$3.3m for 3QFY21. The cash on hand is now A$18.0m and operating cashflow is A$1.2m for the nine months ended 31 March 2021. Pleasingly A$12.8m in new sales orders were generated for the quarter (up from A$7.6m in 2Q) from both new and existing customers. This brings year-to-date total orders to A$23.6m. We have made no changes to our forecasts. As a result our DCF valuation and target price remain unchanged at A$1.68. Management has guided to positive net operating cashflow for FY21. We maintain our Add recommendation.