ZNO have gone from $3.1m of cash to $10.25m of cash in the year despite heavily investing in working capital, a concentrate plant & setting up a US office.
With gross margins in the region of 70%+ they more than triple cash used to purchase inventory & the majority of customers are cash up front.
On $7m of sales a month for example they'd generate around $5m of cash before overheads, tax etc.
ZNO is a low capital intensive business requiring little in the way of investment.
ZNO are swimming in cash.
Ann: Notice of FY20 Full Year Results and Key Dates, page-49
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