Ann: COVID-19 Trading Update 88 - Week Ended 19 November 2021, page-24

Don't confuse capital with liquidity or to the upfront payment to Bendigo.
Tyro's capital ratio fell from 161% in FY20 to 73% in FY21 to 55% in Sept 2021. That is a substantial deterioration within 3 months and I expect that it would have deteriorated further since that date.
On surface, 55% looks adequate, and the fall reflects a number of moving parts including the Bendigo deal. However, Tyro's result has been bolstered from Job Keeper (while still achieving majority of GP) and perversely, the failure of their lending product (reducing capital requirements). It has also taken a substantial hit as a result of the terminal incident.
As business returns to normal, assuming a ramp up in lending (which has been a major miss for Tyro), they don't have much room to move if they continue with annual losses of $10-15m. Whilst their capital position is likely sustainable at current levels if they move to arrest the burn rate, I wouldn't want to see another unplanned terminal incident event or such.
In short, I don't believe they have much wriggle room in their capital position anymore.

A bonus issue to consider is what the additional capital cost will be in implementing the 'dongle' solution. I have not seen any costings but this may also incur a substantial 'unplanned' capital hit. Tyro has c. 60k merchants. This could cost an additional $5m+ (assuming 60k merchants x $50 dongle cost x average merchant has 2 terminals).

In summary, I believe that Tyro is still cheap at current SP but after further analysis, their risk profile has substantially changed since IPO and management need to demonstrate they can at least stop the cash burn before being rerated back to $4+.