Ann: FY23 Forecast Financial Result, page-11

There is accounting of non-cash expenses that end up making the profit look bad and the cash balance looking good. FCF is higher than EBITDA because they haven't included employee share expense which in tech start ups is usually quite high. There is also many upfront payments that help boost the cash balance, but over a 12 month basis cash balance has gone up a lot, so it would suggest the increase is more on the business side than upfront payments side. Overall its producing a lot of cash and performing really well.

Its silently building an operation in the USA and aiming to target countries in Asia too. So many things working in the background that are not valued by the market currently. The current updated revenues also have about 4 months of the updated Mcdonalds contracted not factored in because contract only got updated near the end of the first half of the financial year, so definitely it will see an extra boost in the next financial year.

Their Annual Report will however probably report a small loss just because of the number of non-cash expenses.