NANO has $40M cash, but still no material revenue. $4.5M in sales are expected in 2024, but for a $322M market cap investors are anticipating a LOT more growth here. It has patents and partners, but without sales it is hard to confirm third-party acceptance of its technology. Share count has gone from 5M to 100M in the past decade as it has diluted shares to fund development. But we also note less than $10M spent on R&D in that time (at least 'expensed'). The stock is doing well this year but still down about 30% from 2020. Its tech has potential for sure, but we would like to see 'more' here to justify the very high valuation.
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