May be comparing apples and oranges.
The $2.7m in transaction costs is under financing cash flows.
The $9.1m outflow under operations appears to be $5.3 total outflow adjusted for the $3.8m grant. To be fair, one could also adjust for non-recurring items of $1.2m. This would reduce the outflow under operations to $7.9m. This might change how one interprets “improving” net OCFs.
Ann: Appendix 4C - 131% growth in ARR and record cash receipts, page-45
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