Ann: FY22 Results Investor Presentation, page-13

I disagree. Demand (volume) is there but with negative profitability. I am impressed with this company and its management team and BoD. They want to prove that they can continue to grow but with negative results and burning a lot of cash. In H2, they have burned 20m (market cap of 55m and EV of 62m). If they repeat this semester in H1 23, the Company with a lot of demand will be owned by banks. I won't give them money for a capital increase again.

Even if they have a very good product portfolio, I do not why other competitors have not tried to acquire this Company at this "cheap" price.