Ann: FY23 Q1 - Activity Report and Appendix 4C Cashflow Statement, page-144

That's not true, from the full year results BUB had a positive gross profit margin:



That means they produce for less than they sell it for.

Other below the line items eroded that gross profit margin (such as a significant increase in employment costs), but you can't read too much into that as:

1. There will be a mismatch between ramp up and sales; and
2. Increasing scale will inevitable overcome this due to the positive gross margin.

So when it comes to the most recently cash flow statement:



The expenses for Product Manufacturing reeks of inventory build (or an expense that is not yet matched with revenue) as we know from the annual report BUB's sells for a positive gross profit margin.

This is actually a good sign, building inventory ahead of larger anticipated sales.

The problem here is the sales haven't eventuated as quickly as the market had hoped, but that's not a terminal issue, that's just a diddum's/patience issue.