Progress at Internet of Things products supplier LightwaveRF has been held back by a lack of working capital.
The cash raised in August and the finance from the new inventory facility came in too late to help in the fourth quarter to September 2019.
Revenues are much higher than last year at around £4.2m, but the fourth quarter was not as good as expected. Revenues were £3.77m in the first nine months. The full year loss will be similar to the £2.54m reported the year before. There was cash of £500,000 at the end of September.
A £350,000 loan from Finstock Capital is secured against research and development tax credits receivable. A previous Finstock loan was repaid in May.
Black Friday is 29 November this year and this will be important for LightwaveRF. Having additional working capital will help.
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