Ann: Bubs Australia - Half Year Results Presentation, page-45

In a sense exactly my point - the swing is not as big or sustainable a hopeful shareholder might believe: BUB benefited from a windfall of $3.5 million in currency gains; you'd be lucky if that is repeatable. Without it, Net cash used in operating activities would be negative $4.0 million. Even with this, Payments to suppliers and employees exceeded Receipts from customers to begin with.

So there is nothing left to work with after six months of toiling. In my view not the best start for an investment thesis.

But you are correct, there is a swing into the right direction.