I agree with all your points in this post in its entirety - but we've got to remember that the same applies to the vast majority of the companies listed on ASX. Not all but vast majority
To me speccies are called so for a reason, BUT, very rarely you find one that becomes a unicorn (growing from a few million to a billion market cap)
I've seen some grow into unicorns personally so I know it's possible.
KNM .. who knows .. might turn into one maybe not
KNM Chart, page-209
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