Quite interesting also to look at H2 FY 23 :- revenues : 14.7 m...

Quite interesting also to look at H2 FY 23 :
- revenues : 14.7 m + 62 % yoy,
- normalised EBITDA : 5.9 m vs 0.4 m.

2 main elements :
- of course, the strong revenue increase, probably mainly due by prices (gross margin went from 34 % in H2 22 to 62.7 % in H2 23),
- but, also the fact, that all the revenue increase (5.6 m AUD) went directly into the normalised EBITDA (reminder : normalised EBITDA is a good proxy of cash flow from operation for them).

Other interesting element is to look at their gross margin by half : 52.4 % in H1 22, 34 % in H2 22, 56.8 % in H1 23 and 62.7 % in H2 23.
My understanding of this volatile trend :
- large decrease during H2 22 (vs H1 22) was mainly due to the quality problem which was first mentioned during H2 22,
- large rebound since H2 22, despite the quality problem (which remains for now), due to the strong pricing rebound.

Difficult to extrapolate these trends on FY 24, as the seasonality has been quite volatile during the last 3 years.
Anyway, they will probably continue to benefit from a good level of gross margin thanks to the strong price increase in H2 23, which will have a full year impact.