Ann: NNG Quarterly Activities Report and Appendix 4C Dec-23, page-12

Operating cash flow was $406k, including $512k of R&D inflow = an underlying cash out flow.
Disingenous is including an R&D grant in the calculation of "Earnings" and presenting it as EBITDA, and then, using some cunning syntax trying to convey the impression of a 25% EBITDA margin.
That is precisely what NNG did in the most explicit terms possible in black and white and it is totally indefensible.
Spin it all you want.