They were on recovery, the recovery stalled. Seasonally I think Q1 is a lower quarter too. Its fine, but no justification for 200m market cap if you are barely growing and are barely cashflow positive.
Their new toy Iris they did 31 transactions, compared to 60 last quarter. Not the growth or stability for a new project like this.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8
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