they had decent sized receivables at the end of June, so it could just be collections from that
having said that, they have material orders expected to be delivered over the next 5 mths (and more), so you would imagine that there would have been a significant increase in inventory and WIP so perhaps 1H24 may be EBITDA and PBT positive, but will have to wait and see (given they have continued to say 2H24 is when they expect to deliver on the material FY2024 orders).
Ann: Bell Potter Unearthed Presentation 2024, page-6
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