No question that it seems ridiculous. However, market is forward looking. It must think that revenue from the EU will not come fast enough to make up for losses here. Only thing I can think of that the market thinks that cash will evaporate in the future. Important to have an earnings report and CC that instills confidence that that won't happen.
I should add, that the market is sometimes pretty stupid. Huge valuations for companies that aren't making any money and many examples of stocks bashed to hell and lo and behold they resurrect.
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