The company's revenue recognition method is questionable at best. A listed company, kept on manufacturing goods, keep them in the warehouse and recognising them as revenue rather than stock or inventory while generating huge negative operating cashflows, then the management is leaving the company open to unwanted scrutiny and short sellers. Now, why would they want to do that?
Real revenue isn't growing, it's been deferred. The backlog is getting smaller. Pipeline is getting bigger - they aren't won contract yet, but potential contracts. Why would one pay premium or even full valuation on shares with deferred revenue and earnings? You discount it instead.
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