Latest quarterly/4c here

Key thoughts:

Nothing exciting, so just had a run through vs their last report.

Lots of benign contradictions about revenue increases on a "normalised" basis and some margin expansion (67% gross to 68.6% gross) but then increasing costs "mostly due to timing factors" which one would hope they can time better in the future (advertising campaigns).

They do seem to have a sneaky $15m credit facility that they draw on for a few million here and there but seem to pay back quite quickly which I see as a good sign.

September cash balance of $10m to late December cash balance of $9.1m however they do list a few expenses in recruitment which if unreasonable is at least somewhat understandable.

Disc. Held - mostly as a bottom drawer and would be happy to let go on a takeover offer or wait for the product to mature, hoping they lean on the heritage of the business vs the newer Tasmanian whiskey companies that are a dime-a-dozen now.

Further disclaimer, I hardly even drink any alcohol so have no special place in my heart for Lark. Just find it to be an interesting story.