Small cap investors (including me) fall for the trap of...

Small cap investors (including me) fall for the trap of comparing the market cap to cash at bank.
This has some relevance if the company is cash flow positive on an operating basis.
Where they are still burning cash like VTI, the market is telling you something.
They know all that cash is going to disappear over the next few quarters, so the market doesn’t value it.
Even the company’s language is weak “has enough cash to reach approximately break even”.
You couldn’t get less inspiring than, we only plan to burn roughly $15m, approximately, maybe!

They are on the right path and you are right Stealth that it is darkest just before the dawn.
But they don’t have to do much more, except push harder to cut costs and avoid further dilution.
Being a listed entity often makes Directors lazy, as they know they can tap capital markets for a raising.
All they need to do is find an extra US$100k in savings each quarter.
Over the course of a year ($100k + $200K + $300K + $400K), that is a million US in savings.
The market will see this and start to realize they have enough cash to survive and thrive.
That combined with sales growth and a global footprint is when buyers will start to pay attention.