If they spend all the recent cap raise funds, their next report...

If they spend all the recent cap raise funds, their next report is going to show firmly negative cash flows for the year and negative earnings (including EBIT, EBITDA and their invented 'Adjusted' EBITDA). Possibly for two or more years (given they anticipate only a 25% revenue increase).

I think that's the reason for the fall in price since the report was published.

That said, with the present market cap, the revenue multiple is 2.75 for current and 2.23 for future revenue. My understanding is that this is considered 'good' in terms of valuation for these types of companies.