Market cap is only $24M so risk should be considered extreme. The stock is down 19% in a year and down 14% YTD. It has $1.2M net debt, no revenue, losses and negative cash flow. With negative cash flow of $7M in the last 12 months, it is going to require more capital. The stock has been much higher in the past, and the company has not created value. It has signed multiple offtake agreements, and has designed an 800 tonne per day solar glass facility. It has entered into a preliminary construction agreement for an $880M facility. But...we are still a long way from profitability. The internal rate of return on the project is a not-great 18%, considering the high capex required. We would not consider it attractive today, but one to watch once the facility is actually financed and built.
5i Research Answer: