Votiro burnt around $6m p.a. last year, and the burn rate has probably increased due to recent hires.
Also, it's quite possible that Senetas’ encryption business consumes cash this year, as they’re unable to get FPGA chips due to the chip shortage and it’s had lots of churn in its maintenance revenue (look at the 2H21 run rate!).
It’s silly to try to raise capital right before you run out of money anyway, as this spooks the market and makes a raising even more dilutive. This is why I think Senetas is highly likely to raise in the near term (and that’s why they added a 10% placement resolution in this year’s AGM).
SEN Price at posting:
4.5¢ Sentiment: Sell Disclosure: Not Held
