the key of your argument here is IM3's profit margin may be very...

the key of your argument here is IM3's profit margin may be very low or even not profitable, so does the share price will not go up in your sense.

The long and bulky research doesn't mean you get the points right. your article has lot of ebbed bias with the cover of a so-called "frankly analysis".

Tesla started in 2003, it only reported its first profit in January 2021.
CATL is market cap is $ 180billions even its profit margin is very low.
those companies are losing money or low profit margin for years. but everyone wants to own their shares......

IM3 is in the right trend to use free nickel and cobalt, which will make it safer and cheaper, by sacrificing a bit of energy density.

Energy storage is the missing puzzle for renewable energy usage. the market is huge.
IM3 has the cash on hand and R&D, I am sure the team want to make it happens like all the long term shareholders do.