RE:RE:RE:RE:Q1I read the NR and numbers. It is simply the same story over and over again....they are always 6-12 months out from whatever the previous dangled carrot was. I was previously holding on before for only two reasons, the previous talk of profitability by this year end and some EM orders being announced. Well profitability is not happening anytime soon and for what it is worth, trust me on that. There will be another round of reasons why it is yet another 6 months out or so. That is the classic tune from this company. Regarding future big orders for EM, that could possibly happen. I just have no clue because while this is a long game, there has been zero "irons in the fire" type talk from this company since last spring. So that to me is a very bad sign. This company like most and to no fault of their own, like to sound optimistic about future prospects and all that. However, I have not heard much of this at all from Heinz in the last couple of quarters. Yet, when he came on board he was Mr. Vision
So I think the bottom line is that this is the same company as it has always been. They are bleeding cash (albeit at a slower rate) and the majority of the revenue is still from the Copper side which is relatively flat year over year. Copper is never going to increase the market cap. The tremendous growth opportunity has always been on the EM side and well they got a steady but relatively small LM recurring order but other than that not much else. They need multiple 10-$20M EM contracts to get this stock truly on the radar and well.....come on here was that every really going to happen? I admit that was my hope years ago. However, I hate to say it but Materion is the 800lb gorilla and Precision Castparts as well…and always will be in this space. If you step back and openly think about it, why on earth would a major defense and aerospace company fully engage with IBC when it is truly 1/100th the size of the other major suppliers? The problem I have too is that Dutton was selling all of us on IBC’s proprietary Beralcast technology and how it could do this and that, but the truth is that it wasn’t really a unique concept at all. Materion already had this in a major way. IBC was always to be the disrupter but in a tiny part and try to siphon business away from the major players, but the problem as I said above is that they are just too tiny and do not have financial credibility. Who in their right mind would risk the collapse of billion dollar defense programs because little IBC couldn’t deliver some part which is of thousands in the whole? I mean, Heinz in this press release blamed the profitability issue on a key employee issue on the Copper side that slowed production for a few months? That is a red flag there about how unstable the whole set up at IBC is.