Ann: Appendix 4C - quarterly, page-23

I think they're being prudent, and ensuring funding for solar without drawing down too much debt. The downside is obviously raising at very low levels, but it's the conservative option - much like trimming sales staff to ensure cash flow breakeven.

I don't believe they'll be burning $500k a quarter, or anything like it. This quarter was very bad, as every SME slowed significantly. That area has since opened up from lockdowns. If they had customers in Melbourne it'd be a different story.

I also wouldn't be subtracting the relief that was applied. This is a credit to customer's bills, so the customer is then billed the difference. Consider it a prepayment on behalf of the customer rather than a government grant.

We know they have at least $45m in contracted revenues per year (@ 20% GP, that's $9m GP before overheads). Their overheads were approx. $11m last FY. However, you can take out a fair chunk for the sales team, M&A expenses and Ben's salary.
Based on that alone, I can't see how they don't turn CF positive. Also note the bank guarantee requirements don't go up as fast unless customer growth continues, so there's another CF bonus in the short term.

The question here is timing.