if they want to industrialise, expect multiple capital raisings....

if they want to industrialise, expect multiple capital raisings. only $30m cash raised at IPO which isnt enough for full industrialisation(costing hundred of mil of dollars - especially in a high cost country like Australia). Market is simply oblivious to this fact.

No guarantee of profits either. Industrialisation will bring lower costs, but to access greater share, the price of the wheels will also have to fall and the gross profit margin will end up the same as before- around zero. $15K for a set of wheels doesnt yield too many saleable customers.

there are no listed wheel supplier comparables and no real way to value this.