I have not done enough digging to understand the dilution story. The new-found source of revenue and grants should slow that down - if you can believe what they say.
But you view the growth as "exemplary, and has been consistent", which is what the year-on-year numbers are saying to me too. In spite of the fact that this company has horrible performance numbers it appears they are finally going in the right direction.
I'm only in DD mode, but I'm looking for conditions that would make it reasonable to take a speculative position.
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