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Message: investment thesis still stands

My investment thesis for this company still stands: it is making exceptionally safe lithium ion batteries that currently are primarily sold for material handling vehicles in warehouses, where safety is a key issue. There are new growth vectors underway with high density batteries and lithium iron phosphate (LFP) batteries that are undergoing UL testing that has been underway for some time now. A key market for the LFP batteries is in stationary battery energy storage systems. The key new growth areas in 2025 will be in mining and construction according to the CC. The key issues for me are refinancing their debt and Jamestown funding, both of which should be resolved by the end of September. Until then, I remain watchful of management.

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