I didnt report anything (I didnt even get a chance to read your...

I didnt report anything (I didnt even get a chance to read your post and wouldnt have reported you anyway)... it must've got moderated by the site itself. Anyway, I'm not trying to talk up the stock and have said that they're in a difficult situation (they wouldn't be selling assets if they weren't).

That said, I'm also looking at the numbers. They have averaged a gross profit margin of around 22% over the last 3 years. Their operating expenses have dropped from 49% in 2020, to 31% in 2021, to 25% in 2022 as a percentage of revenues. Generally, the operating expenses for efficient (and more mature companies) is around 15% - 20% of revenues.

In the last 2 years - 2021 and 2022 - operating expenses came out to approximately AUD15 mn. Assuming AUD85 mn in revenues and a gross profit margin of 22%, that would come out AUD18.7 mn in gross profits. Assuming 20% in operating expenses (down from AUD25 in 2022) would come out to AUD17 mn in operating expenses and an EBITDA profit of AUD1.7 mn. If operating expenses are still at the 25% mark because of the THM acquisition, then of course their EBITDA will continue to be negative. It's simple maths - 22% less 20%, you turn a profit on an EBITDA level. 22% less 25%, you're still loss making.

The point is - as the company grows revenues, their gross profit margins should expand and their operating expenses (as a percentage of revenues) should decline. They should be at that stage now or at least should be going into this new financial year.

The March 2023 financials come out this week. It'll be interesting to see what they tell us.