Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-5

Felix has an $11m cost base, which means breakeven is ~$2.8m in receipts per quarter. It's worth noting that Felix has 1-3 year contracts, paid annually, in advance. 1Q24 they did ~$2.6m in revenue. Allowing for the same growth they have been achieving means they should hit and exceed that breakeven level. Likewise, in Q2, they received $2.5mn in receipts. A couple of contract wins, expansions or pricing increases would be easily enough to see breakeven. It's the annual nature of up front payments that gives them confidence... They know what happened 12 months ago and so have a high degree of predictability, hence why they have not changed their forecast.