Ann: Quarterly Activities Report - 31 Dec 2021, page-35

Have to agree.....1H22 revenues of $2.8m is pretty dissapointing (esp when they booked $3.2m in 2H21), and my back of the envelope calcs are similar to yours in terms of FCF breakeven

$10m in revenues with a ~60% margin covers the ~$6m in costs they had last year

Revenues don't seem to be accelerating fast enough to cover their costs and looks like they will need more time & cash get there unless something materially changes (a huge contract in the US and they just take a margin for the IP and leave the production to be done elsewhere)