$12.2M revenue for the last 12 months, page-9

Perhaps we're looking at it mostly with an insider view - we hold, so we are naturally inclined to want and expect things to go well, whereas *potential* holders are going to naturally take a more rounded or downside-aware view on the near term future.

For me, this has always (since IPO, anyway) been intended as a long-term industrial hold, and I see any parcels that I've managed to pick up at lower than IPO price as being an opportunity to reaffirm my faith in this kind of emergent manufacturing technology. I suspect that larger players might be happy to reduce their risk a bit and move in as the company proves itself out with e.g. more contract pipelines, maybe at a point where orders take up available slack manufacturing capacity.

Remember that some of the fund raising in the ~2020 era was to build out overseas facilities - OK, we've circled around and are approaching that from a different angle - but the medium term play here is still expanding the manufacturing base AFAIK. That will need a chunk of extra capital and I suspect it's that next-big-step impetus that will see a consolidation around the higher valuation market cap as others have spoken to so well upthread.