Thanks to uri.sharf for the bug report, ja...@nialscorva.net for the patch.
@@ -8,6 +8,7 @@ all: $(PARSER).erl ebin/$(APP)
$(ERL) -make
ebin/$(APP): src/erlydtl/$(APP)
+ -mkdir ebin
cp $< $@
$(PARSER).erl: $(PARSER).yrl