Ann: ANO Investor Presentation Update, page-38

Basically the general mood currently is if they can make it, it gets sold. Everything is being airfreighted. All current capacity is “presold”.

Someone said at the EGM that there is no problem with order intake. They need to keep growing capacity. No time for marketing and sales when they are just getting flooded as is.

I think the market will continue to be surprised by this one for a while. The earnings upgrades will keep coming.

You can probably bet that if they need to go from 750mt (which was already a tripling of previous capacity) to 1500mt it’s because 750mt is no where near enough. And yet, 750mt yields some impressively large numbers for shareholders.

Remember, our main competitors are doing hundreds of millions in revenue. It’s a multi-billion dollar market. We are just scratching the surface. With a superior product.

The board is building a business here that will be punching with those big guys. I have no doubts this won’t be the last time they bump capacity out of sheer need.

We have the holy trinity: 1. Our market share is growing. 2. The market size itself is growing. 3. Margins are growing.