The silly thing is that these are essentially the same...

The silly thing is that these are essentially the same financials as contained in the Q2 report. It was underwhelming then and still is.

Despite all the hype, since the last half year (1H24) there was really no change in the financial performance of the company. If anything it has worsened somewhat, as AHF is now producing and selling around one quarter less than it did back then. Yet over the same time the SP more than tripled based on hype.

The report does add a bit of colour on the situation though.

Most of the cost reduction is just from operating one less farm than they had previously (because they sold it).

In the nutritionals segment that "The operating costs are relativelyflat and are reflective of operating the facility on limited production."

The inventory level is pretty much the same at 31 Dec 2024 as it was 31 Dec 2023 so it is not like they are sitting on a lot of product they are about to sell.

In short one needs to assume that costs will increase substantially from here as they have not yet begun to produce the Future Organic product and haven't built up inventory of any other products beyond normal levels. Moreover, if the inventory they do have consists of more Ocean Road Dairy infant formula that they can't sell, that may entail further write-downs.

As I've stated previously I think their FY result will be a lot closer to last year's $7M loss than people realise, which would necessitate further capital raising.