No, but importantly that $500k change is associated with revenue generation rather than operating expenses. Operating costs have reduced by $500k and revenue generating (COGS) costs have increased by the same amount.
Essentially, this is saying that, not including any inventory they already had on hand, they have done $500k at COGS in sales last quarter that they have not received cash receipts for yet. Obviously they also charge some level of margin on top of that $500k COGS.
Admin and corporate are no longer at eye watering levels.
Unfortunate stuff up in calculations, but a positive revenue generating change to outflows.
PaaS finance, once sorted, should remove at least another $1mil from 9.7 and significantly de-risk cashflow going forward.
Clumsy, but positive update, just should have been correct in the first place with some commentary explaining these one off sales and the cash lag associate with them.
