Sep. 2 at 1:05 PM
Finally got the
$MTEK H1 numbers. Mixed report but there’s definitely progress.
Positives:
Revenue +194% to
$2.08M
Gross margin improved to 38%
Product revenue was
$1.7M
Backlog is ~
$2.5M as of Aug 31
Starting to see real U.S. revenue
Negatives:
Still lost ~
$2.1M from operations
Burned
$2.74M in operating cash
Only ~
$2.36M cash remaining
Share count is up ~31% since year end
More financing is probably coming
The biggest positive to me is that the move up the value chain is finally showing up in the numbers.
$MTEK is getting real production orders and the margins look much better.
The biggest issue remains the balance sheet. They need revenue to ramp quickly enough to outrun the cash burn and dilution.
I think the best way out of the situation is selling to a bigger company but I don't think they get much more than 1.75/share.
Maybe
$OSS would buy in an all-stock deal?
