Obviously a positive thing that they managed to generate positive operating cash flow during the quarter, but it's too early to say they're out of the woods yet let alone put a value on the equity.
The Jan-Mar quarter is generally the softest quarter of the year so it'll be interesting to see how that turns out. Q3 last year was 6.6% lower than Q2, so if the same seasonal trend holds we would expect Q2 revenues to be somewhere around $9m which means the current quarter would be just above cash breakeven.
Still, if they're generating positive operating cash flow with $1.5m in the bank (albeit with $1.9m of debt) then at least they're living to fight another day.
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