Until that revenue is seen and is via customers of any...

Until that revenue is seen and is via customers of any significance to justify the current market cap, the shorters will be in control. The road is currently littered with broken promises and questionable associations. The recent company-funded broker report as mentioned was shorter-fuel, of which currently reported shorts increased by 0.42% since (from 28th June to last reported 25th July short count). They will continue to sit comfortably I'd wager.

We have been thinking that there will be a big-bang announcement for a while now, paraphrasing from the mouth of Coby himself. Of which is yet to be seen.

I hold another tech company, yes a tech, of which the ASX apparently doesn't understand. Currently sitting at around ~$300m Market Cap. With a strong growth profile and competitive edge. Generating revenues of ~$51m USD last annual report (will be better this year, so not truly reflective of the market cap of which it was significantly less, but the point still stands) with a profit of $5m USD after tax.

Yes, we can't compare apples to oranges, different domains obviously and products to sell, scale, business models, etc. However, how does that ramp up look? and how forward looking will the market be in that regard? And even let's ignore the market which can be irrational at times (hell even we know that, we lived through the valuation we had before, holding onto the story more than the numbers). There is clearly a significant up ramp period in terms of revenue and uptake in our domain, many of us underestimated that, especially myself on how the fabs will take up our technology. But our current valuation in line with potential revenues, which will likely be small, as suggested by Coby, we are hinging on a large contract and for now the anticipated customers via SkyWater were declared more on the niche side of the market.

In short, they can likely reasonably safely play around at these levels for who knows, maybe years at this rate? Unless the takeover history of Coby's past is of any indicator and sense that may become reality, we'll see those levels dip. But in the meantime, no substantial revenue to justify the current market cap, sadly. Obviously, there are forward-looking perspectives on what this could be. Though given a string of letdowns there is a lot of faith to regain required.