Ann: FY2025 Annual Report Presentation, page-3

I haven't looked at this one in detail. Just briefly so perhaps i am misinformed and should look deeper.

But the whole industry is on an upwards trajectory so a positive outlook is everywhere. I'm personally not too sure if having high assets is a good thing as (and pls correct me if im mistaken), the manufacturing equipment doesn't actually cost that much to begin with or to scale, but the flower farms would cost a heavy chunk. But there's an oversupply of cannabis flowers, which makes those assets not worth as much as you would hope. I suppose one perspective is that it may be trading under liquidation value, but as long as the business is operational then that liquidation value is sort of an illusion and will never really be realised (If i own 60m and I produce a 1% return on that, then you need to replace me and/or liquidate my operations to actually get 60m worth of value).

I also don't like how its promoting its recent profitability. On the surface, the P/E is like 9-10 but it's just largely due to an accounting recognition of deferred tax assets. So in reality it's still not profitable yet, but maybe that will change as it continues to scale while riding the rising tide the whole industry seems to be experiencing. The company's promotion of its adjusted EBIDTA is pure bullcrap in my eyes. The fixed renumeration in the directors report is like $1m and they're telling us not to consider the 2.4m share based compensation as actual costs.

I think for this one, it's at the mercy of continued industry tailwinds and hopefully achieve OPCF+ before external funding is necessary. However, I'd like to stress that that's just my uninformed opinion.