A couple of points here. WHSP is hardly a third rate...

A couple of points here. WHSP is hardly a third rate institution. In fact i would classify them as top tier. And they remain a major shareholder. They provided a loan in a time of need of the company when traditional finance providers wouldnt touch them. I dont think they would have lent if they didnt believe in the Comapny to execute its plan and get back to profitability. Or sell their shares. If you look at WHSP they have a strong track record of returns in the markets. And they wanted a return for the risk they took. Its business.

I think you need to be fair and say that the Spacelink disaster is still impacting this Company and will continue to do so until we pay back all the debt in 2025. But if you were to add back the $47m already paid back, plus the $4.5m in the amendment fee, plus cash interest then you are looking at EOS being flush with cash. More so than the value of the cap raise. You can also look at pre Covid profits levels and say they werent making a profit but need to add back for the millions and millions they were paying Spacelink and the rest of the Business Development ventures Dr Green was getting into. More displined now,

A big point for WHSP is that they lent against the value of the contract asset- in effect a receivable- and they have converted a lot of this to cash. To pay back the debt. However, the balance is now sitting at a $97.5m on the Middle East contract. This is revenue that is recognised (eg like stock sitting in your warehouse) but not yet billed. They expect this to unwind over 2024. Plus with a record revenue Quarter of $77m- you would expect to see customer cash receipts next quarter increase and the company return to operational cash inflows. The Activtiy Statement also mentions $38.4m received in cash upfront on cash flow positive contracts- so the burden of the funding requirement in terms of fulfilment is not as strong as it used to be. So based on the current Activtiy statement i think there is some strong arguments to suggest a stronger cash result across the rest of 2024.

A cash flow statement is not a profit and loss statement, So not sure why some posters are saying this cash flow statement will result in EOS making a loss this year at least on an EBITDA basis. Time will tell I guess.