Undervalued?, page-2

IMO.
1. Their balance sheet is pretty weak for a capex-heavy business like this.
2. They don't generate nearly enough free cash flow to grow the business in a meaningful way. This leads to them having to continuously raise capital to grow the business instead of organically growing it.

If the share price keeps going up, that will be good because they can keep raising capital at higher price. On the other hand, if the share price remains stagnant or even goes down, the risk of a huge capital loss is very high.

Not worth the risk to reward for me.