@ma420
The 4C shows quarterly expenses of $1m per quarter
That gives them 5 quarters (1.25 years) runway without any revenue & as you showed, they generated 850k in the first half
On my calculations they have 2 year run-rate on the current revenue profile
However, the IPO funds were to grow the business aggressively and the goal was to take the business to cash flow positive with the IPO funds so - if it all goes to plan - they won’t have to raise again for working capital purposes
I hope this helps
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