Ann: Quarterly Activity Report and Appendix 4C for Q3 FY2025, page-14

Personally, I prefer to be neither "glass half full or glass half empty" otherwise I'm going to lose my money. I prefer objective. That means listening to the numbers, not management speak.

So sticking to the numbers. For 4DX this tells us that for the last three quarters the cash that the company has got through the door has stagnated at about $1.3 M (it has actually gone down). It has $12 M per quarter in cash payments, but this was softened by government money. This tells us that the company needs to increase its cash take by about 10 times to hit break even (remembering that additional sales incur additional costs).

It's cash position, and quarterly burn rate tell us that 4DX will run out of cash in Q3, which means they need to raise more money (probably at the end of Q2 to ensure they run out of cash). If the companies suddenly increased very rapidly, they'd still probably burn at least $50 M in cash, so they need a massive capital raising. This company is clearly in a lot of trouble and is going to have to sell an awful lot of its own shares before it becomes self-sustaining.