Your chart of enterprise value is actually an annual chart of hopium for the future rather than a healthy business fundamentals. The enterprise value was high only because the share price rose high on market sentiment, driven some glossy presentations and exaggerated impressions by management about the potential TAM for lupin and their readiness to access it... Then they proceeded to diversify their focus into oat milk and DCF, which was basically several wasted years of selling product for less than they could produce it. and never getting on top of bloated costs. They finally ditched DCF to Albany and Stamps in exchange for an IOU, but are still owed money for it (which i doubt will ever be paid). The company did a lot of research into product development, but was basically driven into functional bankruptcy because they never managed to land a meaningful offtake sale for Lupin products. There's some hope that Yaxi can keep it afloat and find a customer. if they do, I'll be happy about it, but it's strictly a bottom-draw holding for me now. I'm not sure how long you've been invested in WOA. I bought in years ago as it looked like great potential. It turned out to be a dog stock that burnt me for over $200,000. I retain a small holding, but only because i don't need to realize the full capital loss for tax reasons. Good luck to you if it turns into a winner, but I get the impression you have rose-colored glasses on about the companies fundamentals and the journey ahead.
WOA Price at posting:
2.1¢ Sentiment: None Disclosure: Held
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