Slight difference in my understanding: - they have 17m in receivables (that is this SOPA amount as they have invoiced Wartsila so becomes a receivable), adn - they have 37m in accrued income
That makes 54m in total and they indicate that ~40m of that is at zero margin. When I look at their gross margin (Revenues less cost of sales), it runs between 10-16%, so if we assume 13% then that is another ~5m at least that they are looking to recover (so minimum 59m).
Hard to know what the initial contract was, it seems pretty outrageous to me that after ~150m of work (this project spanned 2019 & 2020), that Wartsila would be arguing over 5-10m....then again, as a PGX shareholder I would say that
PGX Price at posting:
24.5¢ Sentiment: Hold Disclosure: Held
