MX1 posted its 3QFY21 cashflow report which shows the business is well funded to achieve a number of key growth objectives over the next three years. Although cash receipts for the Nano are modest (A$1.0m), additional planned distribution agreements including a specialist reseller into the Veterans Affairs Network is expected to see sales accelerate over subsequent quarters. After repaying the Thales convertible debt, MX1 has a net cash position of A$35.5m. Key catalysts to come include regulatory clearance for the Rover in Europe and additional distributor agreements to be executed for the Nano. Although we have made a modest downgrade to our FY21 forecast, our valuation and target price remain unchanged at A$0.61. Speculative Buy maintained.