Cap raise talk because: 1. There’s cash till early calendar 2023...

Cap raise talk because:

1. There’s cash till early calendar 2023 which means on this trajectory, cash raise will probably start to be discussed eofy/ start Q2fy23.. which is not too long away.

2. Cash situation would be aided & cap raise averted by project one synergy cost cuts + 1mil supplier; however I don’t think the market is pricing either of these cases in because I) this quarterly will apparently show a larger pmoc due to additional project one fees, with potential improvements only being shown maybe at the end of July in Q4 4C & not sure if they can use projected cash flows on a 4c if there are less than 2Qs of cash left- hence forcing a cash raise. II) 1 mil supplier was anecdotally announced 4 months ago- so I’m confident that no one is actually pricing this piece of information. Assuming/ pricing in that it will be announced in the coming 4c would not be the correct way to analyse the stock right now.

this is why base case scenario is a cap raise by start Q2fy23.

assuming heavy pmoc until eofy with current growth rates would have SP suppressed for a while leading to a cap raise at a similar SP to now leading to heavy heavy dilution~ Pricing this base case in is likely why we’re trading at 4x forward PS ratio while maintaining insane qoq growth…