Jun. 5 at 12:09 AM
$VMAR The warrant overhang is not my biggest concern right now because those December warrants appear adjusted to roughly
$15/share post-split. At today’s prices they’re nowhere near being exercised.
If Nautical Ventures continues performing near current levels:
* Bear case:
$40–50 million annual revenue
* Base case:
$55–65 million annual revenue
* Bull case:
$70+ million annual revenue
The more interesting metric isn’t revenue anymore—it’s profitability. In Q2 2026 they generated
$14.53M revenue,
$4.40M gross profit (30% margin), and reduced their net loss to
$1.86M, showing meaningful improvement from prior periods.
this could get rerated by the market very fast!
