Given the company's comments and the cash receipts for Q2 24 (+ 57 % yoy) and Q4 24 (+ 70 % yoy), I estimate that the cash receipts during Q3 24 (excluding delayed payments) increased between 60 % yoy and 70 % yoy.
So, we can estimate the "normalised" cash receipts during Q3 24 between 18 m$ and 19 m$.
In that case, cash receipts increased qoq between 21 % and 28 % during Q4 24.
This is in line with last year seasonality when Q4 23 cash receipts increased by 21 % qoq.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-24
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