RealTek, page-32

for the next 12 or so months surely it's all about cash? biggest drivers behind this business turning around, assuming volumes get to where they need to be, imo are:
- receivables: how quickly are we turning invoices to cash? are we selling to stores in bulk and raising invoice at that time or only invoicing once customer sale has occurred? big businesses = long payment terms, so are we waiting 90+ days to actually collect cash after sale?
- inventory: no manufacturer in their right mind would take orders from NUH without significant upfront prepayment. if we want scale and cheaper unit cost, that comes with large orders and therefore large prepayments. where is this cash coming from?
- balance sheet: how much cash is being put into activities that get capitalised as intangibles? assume development of gen2 buds is ongoing so how much cash is being spent here?

sales would be a great indicator for whether NUH is heading in the right direction, but the above items = major additional dilution imo before things get going.