I do (now PET.ASX), but less than 24 months ago they were sub 10...

I do (now PET.ASX), but less than 24 months ago they were sub 10 cents... now 40 cents.

The increase in value can be attributed to them simply being able to turn a profit (albeit a small one, with NPBT of $6-8m forecast this year).

Once a business can prove they are sustainable, the re-rate happens.

PET (Phoslock) now have a A$217m market cap, with forecast $27-$30m revenue.

FLC is a much larger ship, it has a much higher cash-burn .. but if it can turn profitable (forecast to happen in Q4 this year) ... then a re-rate will eventuate.

So it all depends on your view on when they will turn a profit ... IMO based on their back-log and momentum, it is a question of when and not if.