POTENTIAL RE-RATE CATALYST EVENT: RESULTS, page-34

Assuming they only make $20m in total this year, they then have $30m to spend. Important to remember that this company is revenue generating, so it can spend a lot more than what is shown in the cash balance section. I am sure that one will come eventually, but unless the growth has come to a complete halt, they should have the luxury of waiting for the market to properly rerate this before they go ahead and do that raise. You just have to look at the consistently improving bottom line figures to see they are reducing expenditure as a percentage of sales not increasing it, based on the fundamentals they have provided I would say the probability of them announcing a profit in this update is much higher than the chance of a CR (although I am not expecting either one to be announced in the July update)