Ann: Trading Update for FY2022 and FY2023, page-7

A point to be noted but I understand it is as they are spending a bomb on manufacguring devices (Large Go! orders, ZOLEOS, Possibly Certus too), hence they have been billed/invoiced and paid them in cash for manufacture so they may have spent eg $4-5 mill here but those devices have been ordred only, not invoiced and this will happen when they do so in July/August and ongoing once they are shipped and deployed.

Couple with the fact they have scaled up a lot so to start the new cycle on this higher step level there is some lag, which is exasperated as the timing happens to be bang on 30/06/2022 where as if it was more inside the year wouldn't notice it as much.

My tale anyway form what we have been told. This assumes they are expensing the spend in FY 2022 and not allocating it to inventory though in which case it could change the above. Perhaps they expenses all order products manafacture at the time and allocate to inventory only stock tjey sell on SatPhone directly or raw components.