Historical setup
What HY25 said to watch
From Cash fell to NZ$3k as operating burn hit NZ$208k on inventory build
No targets or forward-work indicators were disclosed, so this release does not support a quantitative bridge to a full-year outturn. The supplied shape context shows HY24 contributed only 37% of FY24 revenue, suggesting a second-half-weighted seasonal pattern that could, in theory, recover the run rate. However, second-half FY24 operating cash flow was an implied NZ$167k outflow, meaning the prior-year second half did not bail out the cash position — it deepened it.
The comparable-period selection is also flagged as inferred rather than exact, so half-on-half precision should be treated as indicative. The release itself characterises HY25 revenue as down 18% and PBT down 25%, broadly consistent with the calculated figures.