Pinned straw:
@mikebrisy was an auditor in a past life - review was always half year and full audit for full year. Half year deadlines were always shorter so review was acceptable. I think that still is ok for ASX but someone with a more up to date qual can confirm. A review was still an independent opinion on the accounts, but not as comprehensive and therefore not as strong opinion as a full audit opinion.
Sure dodged a bullet here. Sold the brief multi-year highs when the shares spiked a couple of years ago, and was encouraged by the last earnings release, so I even put it back on watch. Then came the sh*tshow at the AGM, and I didn't even give it a second thought after. What a disaster of a report today...
Can't sugar coat it, it's an ugly report. A revenue impact from Tritium was expected, but it seems like i-charging (the other major customer) also had less revenue as well. There is only one silver lining really which is it appears one of them (i-charging I would presume) is clearly about to ramp back up given the big increase in prepayments:
The customer stumping up the extra $6m cash also meant RFT remained cash flow positive for the half despite the revenue fall as well. Corporate drama still overhangs, but genuine reasons to think second half will see a decent recovery from this poor result.