Sunday, March 03, 2019 4:36:23 PM
Spent bit yesterday churning numbers. Assuming $8M quarterly operational burn I’ve got them cash flow breakeven sometime in Q1 of 2020. I have no revs in there for expansion licenses at other locations with different companies. Also carried only $550K per quarter in battery breaking plastics revenue (like this quarter). If battery breaking revs expand with module expansion as well as added licensing revs, then timeline to profitability shrinks.
Also I don’t have them running out of money. By my conservative model they get down to $5M cash in bank end of Q4 before profitability, then of course all profit thereafter increases cash position. Or share buy back. Both wins for investors.
No capital raise.
This is all assuming they have 16 mods operational by end of year and ramp 4 mods each quarter between now and then.
In Q1 2020 my model assumes they have 20 mods running, 24 in Q2 and so on.
If they can execute faster then the path to profitability accelerates.
Biggest thing is getting 75% electrolyte recovery (which they were clearly confident they have done) and enough mods operational before more $ needed.
After this week’s call and with Veolia at the helm it’s looking very promising.
With no financing overhang and IP protection they simply need to scale it. Then sky’s the limit of what revenue portion of a $20B+ market they want to capture.
Just 10% of $20b is what stock price target for our company?
GLTY
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