Ann: CEO Presentation to the AGM, page-31

Truly remarkable—salaries and bonuses for the board remain untouched while the company falters. For Jeff Dahn and Marc Obravac, watching this unfold must feel like watching their child suffer from leukemia.

The leadership's approach to capital allocation has been nothing short of woeful. They’ve failed to initiate stock buybacks while the share price is depressed, and instead of taking meaningful pay cuts, they’ve opted for credit raises. It's a display of true incompetence.

And spare me the “well, you do better” argument. I don’t have to. I’m an investor—it's our job to hold leadership accountable for how they manage our capital.

Just sell? Nope, because the intellectual property is there for a sound business to be created - management have just been too incompetent to execute.

What could have been a revolutionary manufacturing breakthrough is being squandered by ego and mismanagement. Sure, the company may benefit in the future from tariffs, but as another post pointed out, with less free cash circulating in the U.S. due to rising supply chain costs, fewer consumers will be able to afford the very products that use NVX’s materials.

The opportunity cost of investing in this company has been brutal. While other industries have flourished and inflation has reshaped markets, this has turned out to be a truly awful investment. They've managed to snatch defeat from the jaws of victory.