I'm not the biggest fan of all the funny accruals reporting and with large numbers of costs not included in the figure, too easy to paint things in a certain way.
Cash tells the tale. Without the one-off equity sale, SYA burned ~$23m cash in the most recent quarter. Also, can't help but notice that FOB costs have remained basically consistent, despite the constant talk of 'expensive inventory being used in some quarters and not others'. If this was the case, you'd expect costs to be moving around fairly wildly - but they haven't.
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I'm not the biggest fan of all the funny accruals reporting and...
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