Ann: Bubs Q4 FY24 Quarterly Activity and Cashflow Statement, page-9

China ended up better than expected, so it is good to see they finally made some progress there. Still can't help but feel it is being unnecessarily limited by focusing more on O2O rather than CBEC.

Unfortunately the bigger issue is that they have still not been able to get their costs down. I think with this update, a capital raise in the next 6-12 months is highly likely.

I'm not a fan of them claiming that the higher than anticipated cash burn was 'demand-driven'. At some point you have to convert the demand into profitability, or else you are doing something wrong. When the next cash raise happens you can bet it will be sold to the market as 'demand driven' as well.

I think the main issue with cost is probably USA. Yes it contributes revenue and gives the veneer of success but how much are they spending on marketing, shipping and logistics, how many more FDA 'one-offs' are coming down the pipeline etc.