IPO - Carbon Revolution Limited, page-80

Page 93 of the prospectus goes over what they put into cost of goods sold. Raw materials is just one part of what fits under COGS. I don't know what the main component of COGS is which is why I have no idea if a materially positive gross profit is ever achievable.

I'm not of the view that an unprofitable stock is uninvestable, but I am of the view that barely scraping out a positive gross margin is not the best look for a company where the business model is to sell goods. Imagine if a retailer like Myer or JB had negative gross margins, it would make no sense to invest in a company that wasn't able to sell it's product for a profit before all opex.