Ann: Successful Completion of $120m Underwritten Placement, page-64

It really isn't.

They raised multiple times what they needed 2 months ago. They earmarked that as "inventory".

This presentation splits:
Current Cash: $146m
- "Committed Inventory Spend" - $45m
- "Expected inventory spend" - $50m
- Other (working capital and R&D) - $51m

This comes with some obvious notes that we can make...
- If you spend $45m of inventory (committed), there should be about $100m of sales out of that in the not-too-distant future (depending on the profit margin). So then you'll have cash in the next couple of months. Couldn't that go to the expected inventory? Or the new R&D projects?
- Expected inventory spend - kinda feels like a placeholder. They'll get cash from their other inventory. If they had committed to spending this, it would be above. They haven't. They just like having it in case.
- $51m funding for "current R&D programs, inventory requirements and working capital" is very vague. For starter, they just finished earmarking $95m towards inventory. To say that part of this $51m is also inventory feels like they're just saying "etcetera". We get their quarterlies, we know that working capital ex-inventory is about $4m last quarter. They're also making sales and are profitable. So let's say that $10m of that $51m is reasonable. That leaves $41m of R&D, which they didn't plan on 2 months ago.

So in the last 2 months, they've made plans for $41m of R&D, and now another $90m of R&D, which they've basically just said "AI" and hoped that will explain it.

You can't blame shareholders for questioning it given a complete lack of information.