I think the key point of context is that their reported run rate...

I think the key point of context is that their reported run rate EBITDA was ($55k) for the month of June so extrapolating that out across the 2024 even with zero revenue growth (or change in expenses) they should achieve an EBITDA of ($0.66m) for FY24. This is obviously very conservative given the recent revenue trends but for argument’s sake. There may also be some seasonality considerations here.

I must admit I’m unsure what their reference to “underlying cash EBITDA” refers to and how this differs from regular EBITDA but I hope this isn’t a case of creative accounting as this could substantially impact the above.