Ann: RFX FY2022 Results Presentation, page-11

The "breakeven" Tim was referring to was on a unit basis from the Thai factory at 80MWhpa (not breakeven for RFX as a business), ie. income being breakeven with raw materials (ie. COGS). If their other expenses remain the same as FY21, they'll still be losing ~$12Mpa at that point. Note, last year's raw materials were about ~3x revenue, so if they can get that to 1:1 at 80MWhpa, that'll be impressive.

Your jibe re other ZnBr ramp-ups is misplaced. EOSE will have gone from zero in house manufacturing to >500MWhpa within 2 years of listing (and they're still expanding rapidly to >800MWhpa over next few months). Note, they cancelled there 3rd party manufacturing as it wasn't working (a bit like RFX previous attempt in North America). Lets see where the other one gets to once its been listed 2 years. By end of next year, RFX will have been listed for what, 15 years?