It would be if they were projecting further losses. If they are...

It would be if they were projecting further losses. If they are projecting cash flow positive from FY25 onwards that would be more than enough, hence why the analysts see them as fully funded. Whilst they don't provide guidance, they almost certainly project expected cash flows internally and would know their capital requirements.

They don't need to raise to keep the lights on with over $6m in the bank and projections of cash flow positive in the near term, although I could imagine them undertaking an opportunistic raise if the price were high enough (eg above $1) to speed up global expansion