Nov. 3 at 7:29 PM
$IPX I honestly don't see anything too unexpected here. The Opex doubled, but (not pictured) that was almost entirely payments to suppliers and employees. The share-based payment increase indicates they are probably trying to limit overhead on salary by issuing shares. The plant improvements (not pictured) are roughly
$18M which aligns with the scale up and explains the opex increase for payroll and suppliers. R&D costs are likely attributable to the capex for equipment. So yeah, they burned a lot of cash, but around
$18M of that was a one time deal for new eqpt. They also show a spend for
$7M on intangible assets which is probably related to patent filings and who knows what else. Costs should start to come down from here. If they don't then I would worry, but what we are seeing here just looks like expectations were way too high by analysts who don't understand how expensive it is to build a foundry. I remain cautiously optimistic.
