I've only just been able to review the quality of this result and it has far exceeded my expectations for this seasonally weak quarter.
They guided to a 160,000 harvest (actual: 167,507)
They guided to a 75,000 sold (actual: 99,561)
I had expected revenue of just $3.5m using historical unit prices (actual: $5m rev)
Price of pearl sold from last quarter was $35.7/pearl (this quarter: $50.2/pearl, a monster ~40% increase on a unit basis, despite comments about some not up to their desired quality)
In summary, nearly every KPI I had in mind for this quarter has been exceeded. The only blemish were cost inflation for staff / opex, and potentially some quality issues which need to be monitored)
Overall, it bodes very well for Q4 which is typically a strong one for this company. For context, Q4 FY21 was close to ~$4m in FCF based on a ~160,000 harvest. I can't wait.
ATP Price at posting:
4.8¢ Sentiment: None Disclosure: Held
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