Ann: FY24 Results Presentation, page-31

I had a key question after the Q4 update, will the profitability be restored? The trading update does not read well. No change to conditions.



translation: we are not making money.

Shoutout to @pastperformer highlighting the adjusted EBITDA. They've increased SBC which is essentially wages, then backed that out of costs. The "short campaign" costs was the hiring of a PR firm.

On a statutory NPAT basis the company lost money in Q4, and the update for Q1 FY25 reads the same. "Adjusted EBITDA positive" could be a few hundred thousand like in Q4 FY24. So, again, that is loss making.

RE: Accounting/audit issues, investors in general do not like delayed audits and big changes to accounting policies. This creates uncertainty and markets do not like uncertainty. The company is downplaying the impact of a potential change from principal to agent. I am very sceptical of anything this company says, but I will give the benefit of the doubt on this issue.