Ann: June 2025 Quarterly Report and Appendix 4C, page-5

Not that easy to read these figures.

They seem Ok as :
- receipts still increased by 10 % yoy despite the large decrease for the industry training business,
- business still driven by their high margin business (Vet-in-Schools),
- apparently, still a good cost control as staff costs were flat yoy.

Main problem : we have to believe the company when they say that the large increase for cash payment for "product manufacturing and operating costs" (+ 83 % or 1.5 m$) was only due to a timing issue regarding the payment to publishers.
So we will have to wait the next quarter to have a better view about costs.

My previous forecast of 1.2 m$ for EBITDA 25 was probably too optimistic.
It seems that EBITDA will be more around 0.9 m$ (company maintains its forecast of a positive EBITDA for FY 25).