We originally like the company and its former CEO, who grew and sold Zenon Environmental for close to $1B. But ANRG screwed things up, nearly went under, and that CEO is gone now. The 'new' ANRG is getting lots of attention, with the stock up 193% this year and market cap now above $500M. The balance sheet has massively improved (debt was $380M in 2022 and is now $65M). Cash flow is now positive. Insiders own 24%. Marny Investments owns 54%. The former CEO still owns 19%. This makes the trading share float very thin, and this is one caution. It is still losing money, and another (small) loss is expected in 2026. But, sales are doubling from 2024 to (est) 2026. It has won several recent contracts and the backlog is now $287M (nearly 20 months' of sales). We are nowhere near putting it into a 'top pick' classification, but admit it looks a great deal better than before. Future growth will come from contracts which cannot really be predicted well. If it can achieve its sales goals and hit profitability in 2027 we think investors will keep supporting it. For now, we would prefer to let the big gains consolidate somewhat. It should still be considered risky.
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