Steve Baxter

speaker

1,374 appearances 1 recordings 1 series first heard Aug 2026 last heard 2 Aug

Steve Baxter’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.

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Yeah.

So I don't have anyone doing the actual robots themselves, but I know people working on the peripheral parts of the robotics problem, to be honest.

I'll put it into three things.

From my analysis, it is that as an investor, there's a perception as a single customer.

So I don't think it's... We mentioned that earlier.

The perception is the ADF is the only customer.

Right.

But that's a commercial resistance, isn't it?

Yeah, but that also then reflects on the opportunity and the opportunity of return, the potential for return for opportunity.

The other one is...

Defense is hardware for the most part.

Defense is mostly heavy things made for robust men, if you know what I mean.

Hopefully, we never have to use.

And that's got a different return profile.

A software business might return you 25x, 50x, 100x.

A hardware business returns you 5 to 10x.

It's really good.

So, it's a different return.

So, I suppose it appeals to different sorts of investors, if you know what I mean.

And we're investors.

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