Ann: Quarterly Cashflow Report, page-24

Yeah, share price is disappointing right now but on the other hand I agree with Nordic61 that re-rate will be fast and furious.
If you look at this graph that has been circulating on X (yellow arrows point at PEN, added by me) and compare how PEN is valuated relative to others, you'll see we're sitting among companies that are not even close to production...

That's what makes me think that once funding is clarified, the green PEN ball will move to the right, around where the PDN ball is. Then there is the second ball (... more to the left) that we shouldn't forget about.