Mate it’s even crazier than that! Looking at enterprise value it’s gone from around 550M (10m debt and 10M cash) with three+ signed up customers (Ford, Ferrari and Renault, with SUV unknown) to EV of 165M (approx 10M debt - now at good terms to gov agency and 95M+ cash). But it has announced 4 new customers (+ the known but unannounced GM and SUV) and a massive increase in orders. Oh and has used fascia technology to slash costs and improve aesthetics. Yeah it’s been slower and tougher than planned, but they would have been criticised for carrying so much cash at ipo and diluting existing holders so that they could have got through the black swan of covid. we are here now. Now the EV:earnings ratio is about 6.6! If it doesn’t rerate soon the takeover offers will begin.
