Ann: Calix announces Heirloom licence agreement, page-12

I'm just a retail investor so I'm potentially embarrassing myself here, but I don't understand the capital raise thesis (if shorters are going down that road) unless there is a significant P,P,E expansion in the works. $75mill in the bank at June 30, net cash from operating activities for FY23 was -$17.5mill (hopefully this improves in FY24 with more royalties) and debt was reduced and is reasonably negligible as at June 30.

All at a time they are entering a commercialisation phase.

Obviously, I'm missing something somewhere but not sure what. Happy to be schooled.