General Discussion, page-753

Since the move to Ohio the expected contracts haven’t flowed through. Sure there might be things happening quietly in the background but it’s been a long time since any substantial news and we still haven’t landed a major production contract. We're clearly still in the early stages.Yes interest from companies like Boeing and the UK Navy is promising but none of it has converted into scaled recurring orders. What we really need is another DoD style contract or ideally a full production or multi year recurring deal from clients like these. Without that it is hard for AL3 to build serious traction in the US.Right now it feels like a lot of Facebook posts but not a lot of material progress.If they do land one full scale defence contract like ARCEMY being deployed at a US shipyard then it’s game on and we’re laughing. But until that happens this remains a very high risk play. We’re still in the prototype or pilot validation phase thankfully with over $30 million in cash to keep pushing.This is my largest holding and while I believe in what they’re building in the US and Europe the anxiety is creeping in. There are plenty of competitors already doing similar things such as Velo3D Relativity Space and others in Australia and Europe.Let’s hope AL3 genuinely stands out and gets the breakthrough it needs soon.