TruScreen Group

No formal guidance, forward-work book, or stated revenue target was disclosed. Seasonality is ambiguous: HY21 represented 52.7% of FY21 revenue and 43.3% of FY21 NPAT, so the prior year was modestly first-half weighted on revenue but second-half weighted on losses. Annualising HY22 revenue gives ~NZ$1.49m, roughly 31.5% above FY21's NZ$1.13m, which would be consistent with a continued growth trajectory but still an order of magnitude below a break-even revenue base given the current cost structure. The release supports a growth-in-volumes narrative; it does not support a near-term path to cash break-even.

• What is the gross margin on the 25% higher revenue, and did the SUS mix shift help or hurt unit economics? No gross-margin line was provided.
• Why did inventories build 13% against shipped volumes up 35% — is this pre-positioning for Eastern European orders, or slower inventory turn?
• What is the expected half-on-half cost base, and does management see the ~NZ$1.7m per-half burn as a ceiling or a floor?
• Is a capital raise contemplated given ~two halves of cash at the current burn, and what is the contingency if Eastern European ramp slips?
• No customer, geographic, or distributor concentration was disclosed, which matters given the receivables collapse and the lumpy nature of device sales.

This briefing cannot assess unit economics, distributor pipeline depth, or the probability and terms of any future equity raise, because none of those items were disclosed in the supplied materials.