Ann: Successful Aerial Testing of Micro Gas Turbine, page-44

I've been following the story for a long while now and also interested to see how they pivot it so I'm not just providing a sell sentiment to downramp or unfairly target the stock.

The reality is that being a 3D printer manufacturer is hard enough being in the US, look at all the recent bankruptcies / consolidations of Nano Dimension, Velo3D etc., without trying to build out a fully installation and support infrastructure from Perth, WA for a hardware heavy business.

I really believe that they need to stop developing 3D printers themselves and instead look at using 3D printing to develop small payload cruise missiles similar to the Palianytsia drone/missile in Ukraine which is around USD~100,000 per unit or other applications of 3D printing for defence / UAS's that don't require long regulatory timeframes and aren't structural etc.

Based off of their cashburn and cash position in the most recent 4C, a Cap Raise does seem imminent.

If they can reposition themselves to be service-oriented or product-based with 3D printing forming the backbone / enabling those services and/or products, I think there is value to be found here post capital raise.