ZOO Digital has provided an FY24 trading update with previously anticipated Q4’24 projects now expected in Q1’25. FY24 results are expected to be significantly below expectations and ZOO will no longer be breakeven in Q4. While a return to profitability is expected in FY25, we downgrade FY24 Net Cash to $1.5m (from $6.6m) but highlight ZOO has c.$5.25m in unused debt facility available. The first double strike in 60+ years ended in September and November 2023, and ZOO has been notified of orders providing a pipeline and certainty of work for the next two quarters. While this pipeline provides visibility on a return to normality, the near-term focus will be cash management with ZOO forecasting a positive net cash balance at year and unused debt facilities. We move our recommendation to under review as we await further updates and clarity on the timing of projects.