Short Squeeze on the Horizon? Rising Short Interest and Increasing Share Price

Hi all, what I am trying to better understand the Short situation of the stock. What do you make of the growing number of short positions on PBH.ASX, and the simultaneous rise in its share price? Could this lead to a potential short squeeze, or are there other factors at play?

I notice seller volume and liquidity in general is also trending lower.

Looking at the short data from the past 3 months.

Feb 22 (Shorts crash and reach a 12 month low):
Share price $1.45.
Total shorts 16,135,857.
Total short value: $23,396,992

April 13 (stock seems to bottom and reaches near all time lows):
Share price $1.17.
Total shorts 23,012,300.
Total short value: $26,924,391

Today May 9
Shorts hit 3 year All Time High (ATH)
Share price $1.80.
Total shorts 26,794,157. (8.73% short)
Total short value: $48,229,482

We have 3 million new shares short from the ATL of $1.17, wouldn't these be deep in the red given the 63% share price increase? The loss on those shorts alone would be at least $1,000,000 right?

Percentage loss = [($1.80 - $1.17) / $1.17] x 100%
= 0.63 / $1.17 x 100%
= 53.8% loss?

Also at what point would a margin call come in especially if they are paying interest on the shorts?