Thanks @jamesc666. Here is my take on this interview (and past...

Thanks @jamesc666.
Here is my take on this interview (and past ones):

Based on managements experience in previous companies in the water industry of similar size, capacity and installation base:

1) Estimated revenue of >= $120 (USD?) for FY24 and beyond, with expected Gross Margins of 30~35% and expected EBITDA margins of 10~15%.
2) The CR has brought a significant deleveraging of debt (by 80%) and associated interest burden which has gone from a $5M USD annual burden to < $1M (by July 2024?).
3) Expected to have a net cash position of ~ $10M USD by July 2024.
4) Previous failures in the business to reach +EBITDA have not been technical and not because of lack of demand but instead for structural reasons in the business - running 13 independent and siloed PnLs across multiple geographies without harnessing the (multiplicative) network effects of different business units to cross sell. There are now only 4 business units.
5) We have considerable cachet/advantage over competitors in this space (because of our hard won installation base) and there is a large and growing demand. The products do work and we have the proprietary knowledge and depth of experience to meet that demand.
6) We shoot the lights out for ESG.
7) Future business emphasis for the US.
8) I wouldn't be surprised, if management turns this around as they say (see above claims), if there was a US listing within a few years (just my speculation, but I think it is aligned with the timbre of this management team and their emphasis on the US market).

I couldn't bear it any longer and left at 14c, but now I think it's worth a punt, so I'm back in (a glutton for punishment).