Ann: Preliminary Final Report, page-22

Nothing to dislike in this report.
# EBITDA margin >20%.
# Net profit margin 11%.
# ROE circa 30%.
# ROIC similarly at 30%.
# Not afraid to take on debt...Borrowing increased 44% ....Debt/Equity a reasonable 29%....Debt is a cheaper form of funding than equity raising.
# Increasing net asset backing YoY without resorting to equity raising.
# Cash flow +ve after stocking large inventories....Adjusting for increase in inventories , its cash flow would have been $4m.
# Sound balance sheet.
In short....A high quality , well run business punching well above its weight of a small capital base.
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What about Inventories?
RFT's working capital is largely comprised of inventories rather than liquid current assets ....this ,in a declining market, may raise concerns about liquidity....But there is no sign of declining demand in the EV charging infrastructure space.
I perceive stocking of inventories as a bullish sign for this market & these products.