Working-capital Cash StrainA deliberate inventory rebuild and higher receivables drove a large operating cash outflow and a jump in net working capital. Over the medium term this elevates liquidity risk and requires disciplined conversion to sell-through and receivables collection to avoid constraining growth investments.
Persistent Freight & Tariff Cost HeadwindsMaterial recurring logistics and tariff costs (c.A$5.8m guidance) represent a structural margin headwind while global supply chains remain elevated. Absent sustained cost relief or pricing actions, these costs will compress gross and operating margins and pressure profitability.
Supply And Regulatory Risks In Core Goat-milk CategoryReliance on constrained goat‑milk solids and offshore supplementation increases lead times, costs and tariff exposure. Coupled with industry quality/regulatory incidents, this elevates execution risk for the company’s core premium category and may limit growth or necessitate costly quality assurance investments.