Ann: Q3FY24 Appendix 4C, page-4

if we have both read the same document, then they are not actually cashflow positive.
FAR from it in fact.
They are still burning just under ~$1mil in last quarter in declared assets and capitalised/creative accounting.

EBITDA neutral/positive is not the same as cashflow positive.

And with the lack of growth on their 'on-net' assets, it makes the capitalisation expenses outlook extremely grim.
By the time they recover costs of the investment of the assets, the technology has then been outdated and need to be replaced with newer technology.

New NBN speeds being released at the end of the year is also going to apply immense pressure on the justification of the on-net assets, as it will become a price war, with the end result having to severely drop the ARPU on the older equipment, in order to retain customers.