Monday, December 10, 2012 8:06:04 PM
I think the concept of COGS (cost of goods sold) is alien to MP's management. I'm in deep at this point so all I can do is hope that someday a light bulb will go off and management will realize it's more attractive to be a $50 million revenue company and make $8 million profit than a $100 million company, lose $30 million, and pawn the company's future to whoever's willing to lend them money.
The way MP's conducting business reminds me of many dotcom companies in the heydays of 2000, especially webvan. They were wildly expanding from market to market without making a profit in a single market first.
IMO, there are only two events that will bail longs out: In 2013, MP's revenue is around $100 million and it's profitable. Or it gets bought out.
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