Member Info for RealityChap

While there was initial relief at achieving the £4m revenue figure but unfortunately very little clarity as to what it actually means. The existence of the joint venture confuses any potential attempt at proper analysis and assessment and in those circumstances and given the company's history the inevitable doubts will likely prevail - and after the initial burst of optimism when the numbers were released it looks like those are winning out.

Ask serious market participants and they will tell you that shorting activity provides added liquidity to many issues and actually helps market price discovery. It's just naive to suggest it is banned altogether and deeply childish to suggest that everyone on a board who has a negative view is in the pay of shorters; that's just ridiculous.

As the reported revenue was said to be back end of year (and that's logical) loaded it's reasonable to think it will rise. You appear to be trying to put established company valuation methods on a fledgeling and that just doesn't work

I see the French, German and EU leaders haven't even bothered going this time

I'd like to think, Tweedly, that Extreme E demonstrated that. Enough things in common with newer systems, surely? If not then it's 14 months since we signed an agreement with Tamgo and something must have been happening since then?

It begs the question of why it was so over-engineered that its target market sent it back saying it doesn't need all the bells and whistles. Poor market research. It's one thing having to road test new tech but getting basic stuff wrong like that won't help

The meeting answered some questions but left others hanging.

Unfortunately a lot of time was wasted on questions that couldn't possibly be answered with any accuracy - when will we break even was top of that list for me as that is clearly some way away and can't be predicted with any accuracy. It's a fools' game to pretend otherwise.

I was much more interested in the key questions that were left unspoken - top of that list for me was how much of the £4.0m revenue is real third party revenue rather than funds put into the joint venture by us and Speedy. I just don't know if that number is smoke and mirrors, but I suspect it probably, almost inevitably, is and we won't really get any clarity for quite some time unless they volunteer it as the accounts for SHS aren't due until July next year.

Sufficient cash? Who knows? A year or so's worth isn't a lot and we just don't know if the burn rate will reduce, stay the same, or increase. We certainly wouldn't want to be getting within three or four months of needing extra capital without having it. It's feasible but far from guaranteed that increased commerciality will open up potential streams of funding that don't involve more equity issuance and the inevitable associated dilution.

The situation is as simple as it has been for quite some time. We need material orders that generate cash. We don't have them yet but there are clearly promising signs that they might finally arrive after many years of punctured hopes. If the do then thins might really get moving but expecting general positivity given that the vast majority of long term holders are significantly underwater is perhaps a little naive - we have been on the cusp for a number of years and haven't made it over yet.

Well of course shorters don't own stock. That would be insane! (bar the odd bit of hedging...)

"Afc Energy will have units on virtually every building site in the UK in the very near future"

And you claim you never ramp?

Got a brief mention yesterday that a unit would be place in a quarrying situation next year. Presumably that's with Brett Aggregates as per this recent update

https://www.gov.uk/government/publications/red-diesel-replacement-competition-successful-projects/red-diesel-replacement-competition-phase-2-successful-projects

Just as well you didn't post that under your 'Statethefacts' identity. Looks like our best hope is a vague feeling. Can you imagine if an Investor Meets had been held on the back of the infamous 2020 mid-year statement? Multiple people/identities would have said things like £1 by Christmas. Oh, hang on a minute, they did...

But the big question is when? I've got minimal hopes for the fuel cells after that.

It does sound that way but the jury is well and truly out until we get external validation - i.e. commerciality.

It's not long since we'd have said the same about he fuel cells; they just haven't taken off and it's hard to think from this presentation that is on the cards any time soon on the sort of scale we'd hoped for

Providing expensively developed features that the users didn't want or need seems like a pretty basic error

You sound dangerously like you know what you're talking about - that will never catch on here!

I might add. Were you waiting for the UK budget and the US election before announcing anything - but no particular desire to get laughed out of town.

I've gone with:

Of the £4.0m via SHS how much is external to the company?

How many units are actually operating via SHS?

What is the size of the fully contracted order book? Is it growing?

Can you provide more detail regarding the benefits of splitting Hyamtec into a separate company and how that separation may develop in the future?

Is the provision of a unit to TAMGO for demonstration purposes or is there actual commerciality involved?

Do you expect material orders from Acciona? If so, when can we expect some details on scale?

When do you expect CE marking of the ABB unit to be completed?

Is the agreement with ABB to provide ten 220kw units still valid? If so, when is that likely to be fulfilled?

Just saying, Stas, that, like you, I have plenty of relevant experience

I've turned down three invitations to speak at conferences this week...

Can't just decide to be there as a speaker. the organisers will target speakers that they know will be attractive to their target audience