Operating cash flow deficit this Quarter is concerning, even if adding back for the financing costs. Hopefully the downturn in customer cash receipts is explained by the Company's comments that they received cash up front in FY23 for what has been booked as revenue in this quarters' revenue. Admin and corporate costs seem to have gone up under this managements watch.
Still, a strong revenue number of $77m ($308m annualised). Revenue guidance of circa $240m full year seems very achievable. Hopefully we have much stronger cash collection next quarter as the strong 1Q revenue is converted to cash and we get to operating cash flow neutral at least.
We need some contract wins that results in a strong 2H revenue finish to get some fire under the SP and get out of the debt overhang.
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