I agree scale doesn't always lead to improved margins, but it is definitely a red flag. CXDC even highlights how purchasing larger quantities of raw materials gets you larger discounts. Their competitor buys 7x the amount of raw material, I doubt CXDC is getting their raw material cheaper. I haven't looked at manufacturing tech or ASP's yet.
Honestly the revenue match and NI off is enough for me to consider them a fraud, especially given their atrocious (and ever changing) reasoning on why they pay almost no taxes.
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