Accounting for dilution since the SP was at $10 the market cap...

Accounting for dilution since the SP was at $10 the market cap has already been back to similar levels multiple times. 7 is the new 10 haha. Don’t know why thats a challenging concept. Both FA and TA can be a challenge with this stock as price history is full of irrational price swings which is what you get with hype and a whole lot of people who have fallen in love with the stock i guess. When companies win 20 million dollar contracts and the market cap goes up 200 million alarm bells should go off.
I love the space they are operating in, right place, right time but until they demonstrate that they can keep expenditures at a level that will generate consistent net cash flows ill just be watching from the sidelines. Companies can bring in as much revenue as they like but if its not going to translate into npat they may as well go collect cans.
Excuses from company starting to sound like a broken record every quarter. Another warning sign for me. Seen it too many times in the past with different management teams in high opex sectors where its always going to be next quarter......next financial year. Good management adapt and find solutions not excuses.