Ann: Half Yearly Report and Accounts, page-7

my summary:
The LNG operation is not stable yet. Production volume was about the same as the year before, but costs have gone up alot. The plant was operating at approximately 35% nameplate capacity still after all this time. Repeated shutdowns trying to get the LHe operation running is effecting the LNG ops.
Once volumes improve this should be profitable

LHe
Management have just replayed the market announcements back to us. Importantly nowhere does it state LHe is operating yet. I had to read it several times as they've been really careful in their language to avoid stating its up and running.
One simple question: Are RLT producing helium at this point in time ??? From this report i cant answer that question and that doesnt give me confidence.

Forward Outlook
they specifically mention this milestone is coming up: "Delivering the first container of liquid helium to our customer;"
so not even one container has gone out yet !!!

they also mention this strategic priority: "Ramping up LNG and LHe production and increasing the efficiency and reliability of operations."
so is LHe production occurring? the term "ramping up" implies its operating. As a goal its very pie in the sky stuff. No measurable KPIs, no timeline.


This was an interesting footnote on Pg 32:
Therefore during the six months ended 31 Aug 2024, 100% of the groups revenue was depended on the sales of LNG to two customers. This revenue is reported under the Tetra4 operating segment. The Group's revenue is solely derived from the sale of LNG (August 2023: from sales of LNG).


Personally im okay with this report, but im losing confidence in managements ability to deliver LHe operations. The tricky language and lack of transparent updates means i have to read between the lines, and thats not a good sign.
Im sticking around but im waiting for LHe to start flowing before diving in fully