Ann: March 2024 Quarterly Report / Appendix 4C, page-9

Now that the company is regularly delivering positive EBITDA, there is a better reason to value their unused tax losses.
At 30/6/23, it represented 53.2 M$, which corresponds to a potential tax benefit of 16 m$ (at 30 % rate).
This is significant for a company which has a market cap of 65 m$ and an enterprise value of 56 m$.

Another way to look at it : it has an enterprise value of 40 m$ after valuing this tax benefit, which corresponds to 2.8 x its last quarterly EBITDA annualised.
Such a valuation corresponds more to a very cyclical sector than the water treatment sector which is expected to show regular growth.