Ann: NVX Provides Update on Synthetic Anode Materials Production, page-104

Novonix is a growth company - the factories are still being built - and contracts are being lined up.
What more do you want? How could it currently generate revenue when the factories are still being built?
If there is no revenue, what is the meaning to refer to the balance sheet? It is reasonable for people to value a growth / startup company based on forecasts, future contracts and the government policies.

An analogy is buying one of those Off-The-Plan properties. Some developers could offer a 'rental guarantee' contract together with the off-the-plan contract. The rental guarantee contract guarantees the rental income once the property is built for a specific time. But the rental income won't come in until the property has been constructed and settled! In the balance sheet, the rental income would be $0 until settlement! Does it mean the off-the-plan property is worthless before settlement???

Using your logic - people would never invest in startup companies which don't generate revenue.
I am sure Facebook / Twitter / Linkedin were all burning money at some point before they start generating revenues! And using your logic - noone would invest in startup companies.