Have to agree.....1H22 revenues of $2.8m is pretty dissapointing (esp when they booked $3.2m in 2H21), and my back of the envelope calcs are similar to yours in terms of FCF breakeven
$10m in revenues with a ~60% margin covers the ~$6m in costs they had last year
Revenues don't seem to be accelerating fast enough to cover their costs and looks like they will need more time & cash get there unless something materially changes (a huge contract in the US and they just take a margin for the IP and leave the production to be done elsewhere)
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- Ann: Quarterly Activities Report - 31 Dec 2021
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