Based on last year’s financial statement figures (cash 9.5 million, burn rate 1.2 million/month), the funds will run out in August. If this were the case, it would be advisable to organize the share issue as early as June.
However, logically, the burn rate should now be lower (unless investments have increased). The burn rate in H2/2025 was slightly lower than in H1. Toward the end of the year, the workforce was reduced by over 10%, and its impact on cash flow is quite significant. We can probably assume that revenue has continued its strong growth and the improved EBITDA helps the cash position. The contracts signed this year have certainly included advance payments, but there is no visibility into those. It looks to me like the 9.5 million cash reserve will last almost the entire year, and we won’t see an issue until later in the autumn—unless the company deems it necessary to accelerate growth through an offering.