Hard to believe that a "growth company", operating in an...

Hard to believe that a "growth company", operating in an industry that should have strong tailwinds, could have sales decline from 143,000 pallets in 2018 to 100,000 in 2020. Yes, Q4 was "strong" in terms of pallet sales, but even at this rate, the company burned cash.

Still looks way over-valued for a couple of reasons:
1. More capital raises on the way. If it continued to operate at Q4-2020 levels (best quarter in 2 years), it would still be burning cash at the rate of US$1m per year. Its also about to accelerate cash-burn with the introduction of a subscription model.

I suspect that Directors and their mates will continue to fund the company, but the slow drip feed of capital raises and the preference to offer discounted shares to this cohort rather than SPPs open to all shareholders, means that each capital raise transfers wealth from retail shareholders to the Directors + friends.

2. Even at a revenue level of US$2m (ie, higher than any of the past three years), at 2.5cps the company is trading on a multiple of 4-5 times revenue (with of course no profit or positive cashflow in sight).

3. The fact that the company paid over 20% of its revenue (not profit!) to a CEO that has presided over the company's revenue decline (and yes, I'm aware previous management were even worse) shows how difficult it must be to attract talent to the business.

Hard to see how value will be returned to retail shareholders when the equity raises transfer wealth away, and such a large proportion of the company's operating cashflow is paid to management ...