Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-15

I have no other metric other than the reported manufacturing costs each quarter.

Unfortunately with the 4C Quarterly reports there is no requirement to report finished inventory on hand and the company itself doesn't mention this (they really should given past issues).

The plant utilisation is perhaps another indicator but without knowing how much inventory on hand it is not overly useful.

I believe there is usually a lag of around 3 months between production and inventory being available for sale (after accounting for logistics and distribution etc). Inventory build up can also be a bit seasonal (e.g. particularly for China in preparation for major sales period such as 618 and 11/11 as well as Chinese new year).

The only other time in recent history where manufacturing costs were lower was back was 1Q24 when it was $6M. In the subsequent quarter they flagged inventory shortages in USA and then announced capital raising.

It should also be noted that they say the new USA product costs a little less to produce (likely due to the smaller sizing) but unlikely this would account for the major difference in cost.