Q1 is generally slower in activities seasonally. If we take into account that Post Christmas holiday, Chinese New Year falls in the first quarter, it shows in both cash flow and revenue in the last 2 years.
Quarter Cash Receipt Revenue
2019Q1 11.6m 12.3m
2019Q2 15.1m 11.3m
2019Q3 16.2m 13.8m
2019Q4 17.8m 23.5m
2020Q1 14.3m 47.3m (34m recognized from IC financial close)
2020Q2 15.7m 10.3m
2020Q3 17.2m 15.6m
2020Q4 75.3m (IC = 60m) 23.5m
The trend may shift a bit as we now expect $20m coming in from IC in 2Q with $13m payment to the suppliers and subcontractors for the IC project.
In addition, the 3 nirobox to Taiwan should be paid in the 2Q as well.
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