No I think you misunderstood. The market cap is the value of the...

No I think you misunderstood. The market cap is the value of the company. $170m then, $119m now. So yes FBR is worth less now than it was. Why that is we can debate. The $170m had a lot of hope and speculation baked in. This has been eroded by some pretty bad management. The tech however has significantly derisked, but the market doesn't seem to value that as much as lost opportunity.

The dilution effect works like this. Just say you had 1m shares you bought four years ago. You've watched the price climb to 25c and the company was valued at $170m. Your $20k investment was worth $250k.

Now for that same $20k investment to be worth the same $250k, the same 25c price, you need a market cap of $500m.

The reason is because your sharing the company with 3x more people now. So the potential gains per share are much reduced. Becoming a millionaire with your million shares needs three times the success of the company than it did.

And this will only get worse. There are 300m more shares to be potentially created from performance rights and the company will need further capital as it's years away from being cash flow positive. It may change its business model from WaaS to selling the IP so it doesn't have to fund the building of robots. But if it wants to build robots it's going to need capital. Banks won't lend. WB/BW/GP will want a profit or revenue share arrangement or stock in exchange for cash. They aren't just going to lend FBR cash at commercial interest rates.