It will be an interesting quarterly this week.
Revenue is growing, no questions there, so just where it sits versus guidance for me.
Holders might focus on revenue, whereas I think market will focus on cash burn and whether they have a handle on this.
Last qtr it was $4.1m burn in operating cashflow. Financing & Investing is always ++ apart from a capital raise.
Now last Qtr was short $800k, but there will always be late receipts, so maybe more like a midpoint of US$3.5m burn.
Cash on hand at end of 3QFY23 was US$12.4m.
I've never seen an ASX company turn their cash receipts on a dime in one qtr, let alone one year, so expecting it to be hard.
Especially when they effectively have US$20m in staff costs to cover before any other expenses are considered.
So let's say at the end of December they finish with roughly US$9m in the bank. It could be better than that, let's see.
Taking this through current Qtr, they could be back to US$5-6m by end of March in a poor scenario, likely better than this.
With a current payroll of US$5m+ a quarter, IV isn't going to want to drain the cash balance too much and get into strife.
But that could mean he has to look at raising in May, during the annual tax loss selling season, which wouldn't be great.
And to be clear, most of their expenses (staff, etc) are in US dollars.
So a weak AUD hurts as they need to raise more until profitable and not burning cash.
No questions about the product, but how long will it take them to scale before dilution stops?
I could be wrong, as I think Monty might have some good sources, better than mine anyway.
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