I don’t *do* numbers Chaddy but a quick look from an UNEDUCATED ‘finger maths’ perspective at that March quarterly indicates they earned $100m from sales and spent $86m in costs, leaving them $14m ‘in front’.?
And they ended up with $173m cash (mostly what’s unused out of a total of around $700m of debt finance?)
Since then ?
As I understand it, spod prices have gone down and their costs have likely increased, so assuming they end up with $100m in sales again this quarter, it might not be enough to cover costs.
So - also assuming - they get the NAIF $25m to add to the new ‘free loan’, then I’d hope they come in with at least $200m in cash as of June 30.
…. That’s based only on the figuring above, my maths and expectations of increased costs.
I know a good accountant can weave all sorts of number magic, bringing some costs forward and delaying others, and I don’t know what’s going on with respect to the Ford debt and shipments to that entity, so overall I have no idea “what it’s worth”.’
But I expect just breaking even -if that- whilst carrying $700m in debt, plus interest isn’t a great look.
Relating that back to the recent pump and dump and the LTR chart, that’s why I expect big holders - many of whom have already been reducing their position as the share price falls, used the pump as an opportunity to get out at a ‘premium’.
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