We show market cap at $33M, with a decline of 13% YTD but up 37% in 52 weeks. We do not have a lot to go on here. It has not reported financial results since September, when sales were $2.1M for the quarter. Revenue rose 12%, and it reported six windsport customers, up from two. It has new products launched and expects 'transformational' revenue growth this year. It lost $4.3M in the first nine months of 2023, and is likely going to need more capital (it had $2.1M cash at quarter end). Its CFO did resign in November, which can at times be a red flag but we see nothing concrete there. Clearly, it is getting decent traction with customers, and its composite materials are gaining industry acceptance. It is expensive on current sales, but growth has been promised. Insiders own 6% directly. We agree it looks interesting. A little too early and risky for us to endorse. We would like to see at least positive cash flow. It is does what is expected, there will be time to buy here with likely regular financings.
5i Research Answer: