Ann: Bubs Q4 FY24 Quarterly Activity and Cashflow Statement, page-19

Ummm, am I missing something here?

Let’s take a short trip down memory lane…..

Q2 Report:
$27.3 million in cash and $9.8 million in undrawn debt

Q3 Report:
$16.5 million in cash and $9.8 million in undrawn debt.

Q4 Report:
$17.5 million in cash and $5 million in undrawn debt.

So, for various reasons, between Q2 & Q3, they lost $10.8 million.

Between Q3 & Q4, they gained $1 million in cash but drew $4.8 million in loan debt. So in effect, they lost $3.8 million. Not sure why they would prefer to use loan facilities instead of cash, now they will have to pay interest on that amount…
So after all the high fives and congratulatory pats on their backs, they’re actually worse off than before!

So now, overall, using the last 3 reports, they have lost $14.6 million.

My point is, yes, they are making headway by increased sales etc, but that isn’t reflected in the profitability of this company. And that is my underlying concern.

What’s the point of patting yourself on the back and boasting about what a great job you’re doing and bragging about increased sales, if your profit is being eaten up for whatever reasons? Granted, yes , the FDA swallowed up a huge chunk of change, and it’s a one off expense, but even so….

Look, I’m not bashing BUBS, I’m just voicing concerns that very few people here seem to notice.

Yes, a CR is coming. They are trying to hold off as long as possible, but it’s inevitable.

I for one, hope it all works out well for BUBS, as I know people who work there and I wish them all the best. But it’s gonna take a lot more than what’s been done to make this a profitable venture.

I wouldn’t be surprised if BUBS gets bought out by another player…and surprisingly it won’t be a Chinese entity that does so….. ‘nuff said….!!