Meeting their own deadlinesRunning out of moneyInvestors losing...

Meeting their own deadlines
Running out of money
Investors losing faith
Future CR's at lower SP's
It starts to spiral after a while...
At some point expectations and reality reach a crossroad, TTT need to start delivering the goods ($$) in a reasonable time frame, how long that might be is anyone guess, but it shortens the longer is goes on.

Your point about Trek is exactly what I brought up in a previous post. Trek is a hard push, they have all their processes in place, contracts in place, to change over to a titanium bike frame, will never happen. Titanium bikes have been in the market for a long time and have never been able to compete with carbon. Retail buyers don't care how a bike is made, they only care about how it looks and how much it costs....Carbon is ingrained in this market, titanium has never been able to crack it. Trek at best will take it on as a boutique project on the side. Peter Teschner knows this. Even his own bikes couldn't compete with the likes of Giant, Trek, Specialised etc...The same will happen with the golf industry and pretty much all the industries TTT is trying to break into....It's going to be on uphill battle, one I do hope they do become successful in......Defence would be my pick, the rest is just not a reality in the next 5-10 years at least.

The concept is there with TTT, I've also said that, the adaptation from moving from a concept to a money making machine, is a very big gap that will take a long time to fill. That is why I'm happy to sit on the sidelines and keep watching, for a long time. I'm waiting the SP to at least move above the 200EMA before I even think about jumping back in. The cash is ready and waiting. It will happen one day, just not in the near future IMO