Ann: Half Yearly Report and Accounts, page-17

Whether they are spending to much will be clearer in time.

I agree though, the R&D is the reason for the share price decline. Its now moved squarely into the spec camp. Its core business, whilst ticking along is clearly not going to grow more, with competitors coming in thick and fast + alternative technologies, its going to be harder to maintain IMO. Hence, as management have previously slated - a pivot.

They executed well once, if they can pull it off again this will re-rate quickly. But the new space they are getting into is also full of big competitors and products so it will be a challenge.

A high growth sector, so they wont need the whole pie .. just a few pieces and I suspect the MC will be much higher than its current sub $5m.