Member Info for Red0rb

I've met many non-exec directors. I've never met one who worked for any more than 20 days total per year for any one company.

They turn up for meetings, make big decisions, then go back to their other things. It's not like it's their main full-time job.

Just to add, watch last week's investor presentation, Craig & Kevin touch on future US- based manufacturing in the Q&A, about 39 minutes in (but why not just watch the whole thing).

It has been previously discussed, but is obviously still relevant.

Top-level = likely some impact, but not substantial as it stands (UK 10% tariff, directed at manufactured goods).

Reason being, most of the product is sold as service rather than a physical item. On a new US household Leakbot contract, the impact on year 1 revenue was estimated as less than 6% (assumed £50 revenue, minus 10% of £30 hardware, so 50 - 3 = £47). Year 2 onwards it's 100% service, so zero tariffs.

As an extra safety net, Ondo's contract manufacturer has additional manufacturing sites in the US already, so US-based Leakbot manufacture could be an option when the time is right.

Hope this all makes sense.

Think the company presentation is here:

https://m.youtube.com/watch?v=-lt_EPZrpfQ&pp=ygUOb25kbyBpbnN1cnRlY2g%3D

About an hour long, haven't watched it yet - it's Sunday so no rush.

Thanks to those who have already shared commentary & opinions.

I'm in agreement with Axial.

Even slow leaks behind walls are detectable within months (mould growth, warping...), leaks going on for years are atypical. Therefore Leakbot (vigilance) is effective over days, weeks, months - you stop using it and the risk (of undetected flooding) quickly returns.

Not disappointed at all, Ondo simply delivering on previous guidance. Focus is rightly on the US market at the moment.

BTW, my understanding of (and Google AI's) break-even by "end of FY2026" is March 2026 (i.e. not the '18 months' some would have others' believe)

Market makes no sense to me (especially on a day-to-day, week-to-week timescale), in reality there's no (publicly -known) way Ondo is worth 8% less than yesterday.

Today's announcement works for me as I'm much more investor than trader, and work off fundamentals & outlook rather than charts. Also accept we're all different/all have our strategies.

Agree with Upthemost.

There's no 'dilution of Ondo's USP', the USPs are low CAPEX/low running cost leak surveillance and the sending round of a plumber to help you deal with the leak. These remain 100% in play according to the RNS.

Assuming some profit margin is retained (pretty likely), this is yet another very positive move.

(generally less than 20% rain).

If 'cheffy' lowered his hyperbolic language I might take more heed (but I doubt it)

Just looked up Bougouni's weather on the BBC site (the 'chef's' go to for info). It's likely raining a bit today (one raindrop graphic), 40-55% rain between now and 1pm, then likely dry (generally

Ha, well sample size of 1 for you SFC. I'm looking at the BBC weather report for Chipping Ongar, it has right now a graphic of sun+cloud+rain. I'm happily eating my dinner outside in Chipping Ongar and I can categorically state there is no rain.

BBC weather errs massively on the side of caution, you might say it's even more negative than you (but no!). Can't think how accurate their Mali 2 week forecast is.

I reckon, as the rainy season is not an unusual phenomenon (it does come every year), Bernard & co might have planned for it...

The 6% benchmark price is the average of supply covering the range: Li₂O:5.5%-6.2%.

This is the range our output aims to fall within, hitting 'at least' 5.5%.

The reality is that these things are a bit 'grey scale' and our output will vary a bit (depending on where in the ground that particular tonne came from), it's sampled and the value found.

The SC6 spot price is the closest and most appropriate price point for us to use, but we might get a little less (e.g. 'cos it's below 6%) or we may get a little more (e.g. 'cos of the type of impurities present)

Yes, quiet here. Hope that's reflective, in a way, of how Ondo are 'just' cranking the handle of delivery - no big new agreements to shout about just boring delivery upon delivery.

So nothing much to discuss here, but I hope it's exciting, energetic & growing behind the scenes. Numbers will be interesting

I agree Re. the actual need for odourising - it's not about pinhole leaks it's about the big explosiony ones so probably not a big change and deffo not a showstopper.

As for transport/storage, as I mentioned yesterday, ammonium formate might be a convenient pseudo-hydrogen option, as it's a solid it's a lot more energy dense (lower volume) and it'll be much easier to contain. Still in R&D at the moment though.

Wacky alternative, generate the hydrogen at source (electrolysis of water at remote green energy source, e.g. offshore turbines), fill a big drone blimp with the gas, float/fly it to point of use (gas network hub/pumps). Think Hindenburg but with no people on board and an extra sprinkling of safety...

Yer, hydrogen ain't easy to contain in its ambient form, but it's similar to helium in this regard (indeed, helium is even smaller). Will require infrastructure adaptation and upgrades, but all doable.

I know ammonium formate is being researched as an alternative storage and bulk shipment state, its a solid, not explosive, and converting back into H2 and CO2 is easy. Not yet mature enough as a technology as of today.

Brilliant find, thanks for sharing.

I don't know where this goes in the short-term (nor does it matter beyond my day-to-day sanity), 'cos articles like this underline the long-term outlook.

I like this confidence -inspiring line from Craig "In water, we’ve emerged as the go-to prevention partner...".

Having quoted ROI figures is also helpful.

Graham, I think Rowboat may have noticed that... hence the title to the thread ;)

Helpful info, thanks.

Are 'significant' or 'material' defined quantitatively anywhere, or is it based on someone's (CEO, CFO) opinion?

So Steven had to sell a portion of his shares for tax purposes, fairly standard stuff, especially if you're not already stinking rich (I would have to do the same).

Isn't the bigger news that Bernard & Robert bought (exactly the same amount) of shares, on the open market? They've done all investors a favour by effectively cancelling out the sell (and improved liquidity/volume in the market). And what a good signal - Bernard's just sunk £50k into KOD, in terms of confidence signalling surly this is 'walking the walk'...

Just given them a 3 minute glance (so very top level), thoughts:

Yes they are a semi-competitor, they offer a similar leak detection but I don't see the repair service side of things that Ondo/Leakbot also provides.

They differ by needing to be directly plumbed in - costs (a lot) more & replacement is harder work, but means water can be automatically shut off if there's a catastrophic leak.

I can see why they're partnering with homebuilders to reduce installation costs, problem they have is the UK only builds what, 100k homes a year, and only a percentage would have this kit, so that segment is small compared with existing housing stock.

I'm biased, but Ondo provide a cheaper, easier to install solution and help fix any leaks if detected (this is what the insurers want - early (cheap) repairs). I hope & believe this is the winning approach.

I do like that there are these expensive competitors though, proves the scale of the market (opportunity).