Why the share price is not off and running, well below is a chart of cash receipt over last 12 quarters (i.e. 3 years) since FLC was formed. The latest released 3Q results show a cash receipt of US$17.2m, essentially same as 4Q 2017 of US$17.9m! Can the long-term shareholders please explain how can this be a possible??? Yes the current IC receipt is not included, which will double it, however let's focus on the SPS business for the time being, because the IC project will conclude in 2021, the ongoing growth and core business will be based the SPS according to new CEO, looking at the last 12 quarterly management update, they're deploying all those units in double digit speed and sky is the limit, I don't know where they're deploying them because its obviously not translating into revenue. And its definitely not translating into the bottom line either. The average gross margin over last 12 quarters is 8.8%, a far cry from the 40% those SPS units are suppose to deliver.
Below is a chart of the revenue backlog during the same period, as can be seen it actually decreased from 2017 all the way to end of 2018, then the IC project boosted it to US$223m. In the last 6 quarters, backlog has declined from all time high of $278m to $215m. For the current $215m backlog, if one strips out IC revenue ($152m), the backlog is only $63m, which is less than in 2017!! Can somebody explain to me what is going on?? The revenue and backlog does not match the installation of units.
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