Great result with $10.4M revenue & ATX cashflow positive,...

Great result with $10.4M revenue & ATX cashflow positive, however, cash burn is up 55.7% to $4.357M with only $8.359M cash remaining or about 2 quarters.

Revenue is up 79.3% which has slightly reduced the cash burn ratio which is positive. So with all the extra staff cash burn ratio reduced as revenue increased significantly more. Aim would be to reduce cash burn by $1M per quarter & be break even in 4 quarters.

Q2 FY22 had cash burn of $2.8M & revenue of $5.8M = 0.48 cash burn ratio.

Q3 FY22 had cash burn of $4.357M & revenue of $10.4M = 0.42 cash burn ratio.

Looks like there will be no more CR & they will use collateral to borrow funds. Not ideal to borrow funds in rising interest rate environment. Maybe it will be convertible notes again.

Fundraising
The Board is considering leveraging its assets as collateral should future fundraising be required. If and when a material transaction is agreed, Novatti will promptly advise the market in accordance with its continuous disclosure obligations.

We'll see how the market reacts today. Possibly further weakness until actual dollar amount cash burn per quarter starts coming down. It was meant to peak last quarter but dollar amount has risen even though cash burn ratio has reduced. Will the market look at cash burn ratio or dollar amount?