True but remember - the higher the growth, the higher the scale, the higher the margins.
The new factory, although attaining positive EBITDA, hasn't really scaled with previous orders (10m annualised). The recent dairy contract alone (almost 30m annualised) should greatly improve margins - thus improving working capital management.
It is also apparent that the company is holding a historic level of inventory (already-paid raw materials) - hence the recent leasing of a warehouse.
We are in a good position imho but personally I would prefer a slower rate of growth so that more cash flows internally. Positive cash flow doesn't always equal negative growth. We'll soon find out.
(20min delay)