While I agree that it is true that revenue by itself, does not...

While I agree that it is true that revenue by itself, does not tell you much

however, that revenue is at $US 54 per pound while the spot is about $23 US
so there is a lot of margin potential in just that fact - the last qtr admin and overheads are high - but I suspect not the norm (if not then that should be put to mgmt)

Also, production is just ramping up now, with no rush given the low spot, so I would not project costs 10 years into the future based on current rates

this $US 420 million revenue is just the existing contracts there is nothing to stop PEN adding to that revenue once the U price recovers and production ramps up and efficiencies are improved