They capitalize product development, which means treating the...

They capitalize product development, which means treating the costs as an increase in assets and amortizing it over a useful life to affect the P&L.
Typical for R&D outfits but generally a croc in my opinion which is why the cash flow statement is so important.
Bit of a rant but product development companies, whether they are software/hardware or cars or other consumer goods are not like building office towers or mines where you have a massive sunk cost that you generate cash for a long period with much less ongoing capex. If they don't spend on product development the company will have no future so I think it should be expensed.

You've hit the nail on the head with cash and I gather the issue is why the share price struggles.
They have 32 mill in receivables, which are unpaid invoices from customers. That hits the P&L as revenue but not the cash flow until they are paid so they might not be running out of money. So its possible there will be 32 mill in cash that isn't in revenue/NPAT next reporting period.

I imagine there are also there is significant lag from when they pay for the inventory to when they receive money from it. If things start falling into place the cash flow statement will start looking really good really quickly and the share price will follow the cash.