At the AGM, I separately asked both Dirk and Aaron about whether inventories had been drawn down to create the cash flow positive quarter. Both categorically denied this was the case – with Aaron saying inventories have hardly changed at all. The toll manufacturing model means we don’t draw down inventories to supply customers.
I expect what inventories we do have are maintained for unexpected events or trials.
They will clarify all the above in the next webcast.
AJX Fundamentals thread, page-19
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