Yes, MCE is expecting revenue growth, but the market wants to see actual contract conversions. The stock is essentially drifting on lower volume, so my guess is short term traders are exiting to avoid risk before earnings, or instos may be waiting for earnings confirmation before buying in. It seems more like precautionary selling rather than a reaction to any negative news, so it just creates this downward pressure without enough buyers to offset it.
That said, MCE has already secured a record amount of revenue for FY25 in subsea buoyancy, and they expect it to exceed last years levels. The company still has $280M in outstanding bids, and management has indicated some contracts should be awarded before the end of the financial year.
At this point, it’s just about patience imo - large offshore projects take time to finalise (they are naturally slow moving) they are huge money and complexity, and the revenue pipeline suggests massive potential if even a portion of these contracts land soon, so sentiment can change fast.
MCE Price at posting:
20.0¢ Sentiment: None Disclosure: Held
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