Initial read looks ugly, on closer examination:
SQ is written off, that is $12m of the $19m loss;
Total cash holdings about $70m, total borrowing about $22m, so our net cash balance about $48m which I would be surprised if we needed more CR.
would be interested to know what is in the Other (Losses)/Gain in the P&L that swung from $1.3m gain to $6.1m loss.
if we are able to achieve the mid range of $45m revenue on SPS this year, and no further write offs, I believe we should achieve our first ever net profit this year.
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