Disaster. They need to actually run a business at some point.
1. $3.6m cash burnt for the quarter. Only $610k cash left as at last month! CR Imminent
2. Admits Saputo deal all but dead and now 'core focus' on 'fully utilising' the German facility3. Now a 400 ton pipeline in the 'near term' with no dates, what's the number for the end of 2024 now? They told us 200 ton at least!
4. $39k of Protein sold so barely 500k per year, long long way to cover the cash burn each quarter. Profitable in 10 years+?
Overall this shows it's still very much an 'idea' business and now the green silly money is gone it will be tough to survive, and after 4+ years this is just looks like amateur hour still.
Ann: Quarterly Update and Appendix 4C, page-2
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