To me the name dropping about politicians expressing their warm...

To me the name dropping about politicians expressing their warm support provided a jarring reminder of recent market darling- [nearly] gone-bust - i.e. TRITIUM.

... and they actually scaled up to a globally significant business!!!

... which is absolutely meaningless if you do not manage to develop a clear path to profitability - like what? ... a decade plus, since company formation?!?

Don't talk to us about blue sky, step change, inflection point, government support, etc

To me, the most pertinent paragraph of the presentation was the following:

It further sets a precedent for more multi-MWh projects that will in turn help to deliver profitability, long-term commercial success and shareholder value. We are not quite yet at the stage of providing guidance on revenue and our pathway to company profitability, but we expect to do so in the coming months as final negotiations on these key projects are concluded and other [?!?] engineering projects are completed.

imho, in the current market, that does not read confidence-inspiring at all.