Ann: Half Yearly Report and Accounts, page-5

Always unpopular pointing this stuff out, but this is an absolutely horrific report. A clear case of management enriching themselves/employees at the expense of shareholders. Ignore the word salad in the first 15 pages and go straight to the numbers on the P&L statement, page 22 (remembering these are all in USD)

• Revenue down 30% from $3.9M to $2.7M (understandable given market conditions)
• Production costs down 64% from $2.7M to $1.0M (ostensibly good, but why are they spending so little on their products?)
• Admin costs only down 2.9% from $9.8M to $9.5M (wtaf, do they have gold-plated toilets?)
• Borrowing costs up 92% from $0.9M to $1.9M (understandable, but why do they have $63M in borrowings in the first place?)
• R&D spend down 11% from $2.2M to $2.0M (shouldn't they be spending more on R&D, not less?)
• Share based compensation down 30% from $6.8M to $4.7M (good but still huge numbers, and entirely offset by...)
• Employee expenses up 47% from $8.9M to $13.0M (so completely offsets any savings in the SBC above)

All in all they've trotted out an even larger loss ($28.7M) than the prior half year ($28.1M) despite spending far less on production and R&D costs, thanks predominantly to how much they pay themselves and their staff. The 'key highlights' paragraph claims they have "industry-leading R&D efforts for battery materials" yet they spent less on R&D than the prior year, but way more on employee costs. All the metrics are around the wrong way. Oh, and they have $63M in borrowings too....

And all of this is only for half a year. At this rate they'll be out of cash before you know it. A nice rort if you're in on it... shareholders sure aren't!