Ann: June 23 Results Investor Presentation, page-2

What am I missing here.....the economics of this business seem to be appalling!

Gross margins are tiny and in fact have been negative previously, and then the FY2023 (along with FY20-21) have the noise of impairments which hides underlying performance which have not delivered.

2H23 they had operational expenses of $7m.....so they need a lot more revenues than the $55m order book at 12% margin to cover those costs......I'm shocked at how poor the numbers are

	Revenue breakdown	FY2020	FY2021	FY2022	FY2023
1	Design, Manufacture & supply composite products	26,763	11,063	16,619	36,381
2	Coatings, products, equipment and service	0	5,755	10,430	9,459
3	Others	674	800	1,576	1,364
4	Total	27,437	17,618	28,625	47,204
5	Cost of Sales	-29,785	-20,446	-26,948	-41,616
6	Gross Margin	-2,348	-2,828	1,677	5,588
7	Gross Margin %	-8.6%	-16.1%	5.9%	11.8%

I should have looked at this in a lot more detail before putting money down, but perhaps others who know this business and industry better can advise whey they are literally handing MCE shareholder money to their customers as they are not even recoving the cost to make the stuff they are selling (?!?!)