Interesting to look at their last 3 quarters.
Obviously, there is some volatility in terms of volume sold/receipts from customers.
Probably more interesting to look at pricing and cost control, which seem to move both in the right direction.
Their Q2 22 cash flow could be really strong again, as their receipt from customers may be comparable to Q4 21 (if sales are comparable to receipt from customers). In that case, cash flow from operation may be comparable to the cash flow from operation of Q4 21, when it reached 4.3 m (or 17 m annualised, which is similar to their market cap).
However, their Q2 22 cash flow from operation will probably be lower than Q4 21 due to the impact of payment of backpay (which has been done in December 21) and which can be considered as a one off.
As indicated by Tim000 above, the main element is probably a better pricing, thanks to the change of their distribution.
They were mainly selling via face-to-face auction prior to pandemic. In November 20, they initiated online sales and did 18 % of their sales online in FY 21.
In FY 22, we can probably expect more online sales, which provide them both more diversification of their customers and better pricing.
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