And this, dear people, is why the stock price is in the toilet...

And this, dear people, is why the stock price is in the toilet and I have been bleating on about poor management performance.

Whilst the mkts were guided in 2023 that by 2024 production and sales revenues would be ramping up:



The reality is falling revenues from sales (and rather shamefully writing down of assets invested in, for said ramp up):



That's woeful given the guidance and strategy pursued (failed). Shortcomings in sales delivery is one thing, but there has been an undeniable mismanagement of capital deployed for production ramp/sales ups that were clearly incorrectly guided/nurtured - this blame it on the off-takers is weak argument on these threads, you put caveats in sales contracts and agreements. This is basic (sales) contract management 101 in a business diploma, let alone a MBA.

At least I see Rowena has stop asserting only one other facility existing globally; "The Korean Metals Plant (KMP) is one of the few facilities outside of China capable of producing the metals and alloys needed for clean energies, electric vehicles, aerospace and defence applications, electronics and communications.", I see. Alas, replaced by another embellishment; "Continuing to ramp up the KMP and innovate in ASM’s metallisation technologies". On what measure precisely? A poxy 19 tonnes? LMAO.

The evidence is all there people. The massively failed delivery on guidance. Keep pressing on your alluded US breakout Rowena, by all means:

"Cooperation between Australia and the US has continued to build since the establishment of the Australia-United States Taskforce on Critical Minerals in 2023. Australia has since been recognised as a ‘domestic source’ under the US Defence Production Act Title III, building new opportunities for US investment in the production and purchase of Australian critical minerals. A number of potential funding pathways have been made available as a result of this decision and during the half-year ASM submitted two whitepapers via the US Department of Defense (DoD) for consideration for funding of the Dubbo Project. ASM is awaiting an outcome on these submissions."

But get on your COO's case or get a new one. The existing/fledging operational business has been woefully managed.

Had those sales receipts been even $4 million (let alone the $6-10 million they should have at least been on their own previous guidance) then operational cash outflows might have at least been holding (rather than increasing):


Sorry, this is an unadulterated screaming early operational failure against a backdrop of guided "ramp-up" in sales/offtakes. And now KMP asset write-downs for the failure too - probably not unexpected by more sophisticated/informed market spectators.

That shareholders did not vote against performance awards at the recent AGM for Rowena and co' and indeed new recalibrated lower stock price performance thresholds to allow for the falling share price, is an utter joke. You have a hand in rewarding underperformance by your own apathy people.

Now before I am abused as normal from the usual candidate(s) I have doubled my position in ASM. The geo-political backdrop is sadly worse and need for Dubbo and KMP ever more pressing (write-downs do not equal shut-down for the less adept trolls above). Its prospects remain bright and this blatant mismanagement has been rightly punished by a lower share price. All the higher ROI if this poorly performing lot do finally manage to sell product into a sellers market. The basketball hoop is now sitting at 3 foot. I think they might get a ball in the basket soon. Hence my position at $0.36 is double what it was at $0.60.