Interesting https://aurorasolartech.com/aurora-solar-technologies-corporate-update/ (exherb and comments)
During his first month as Chief Executive Officer, Kevin Dodds has been focused on the integration of BT Imaging and re-energizing the Aurora technical and operational teams based on a corporate culture of accountability and respect.
Question: Did ACU had a culture problem? Interesting that this was specifically outlined; accountability and respect.
One of the first decisions made was to combine global sales teams and to wind down Aurora’s Chinese operations placing the commercial responsibility for the Insight product with BT Imaging in Sydney and Shanghai under a revised organizational structure. It was important to inject energy and direction to the Insight product with a renewed focus on product readiness and commercial validation. The goal is to determine Insight product viability through a commercial outcome prior to the end of the current calendar year. The other primary objective was to achieve alignment among senior leadership by: (i) stabilizing the Aurora business through synergies derived from the BT Imaging acquisition combined with a disciplined approach to Insight’s product commercialization; (ii) leveraging available synergies to support growth; and (iii) embracing a broadened product suite and customer base to better position the combined company for diversification.
Comment: The timeline set for "insight viability" seemed overly optimistic From a project management perspective, knowledge transfer, integration, and ramping up takes time.
In addition, the combined business is beginning to show signs of diversification with a new Insight evaluation deployed last week in Malaysia with one of the world’s largest PV manufactures. The Company’s objective for this new Insight evaluation is to obtain technical acceptance within sixty days of deployment together with a commercial arrangement secured to confirm product viability.
Comment: News release was issued Nov 2nd. So 60 days is roughly year end. Possible time delay is entirely common especially given that's its a new initiative to the BTI Team. Next update will telling on multiple front i) is insight viable? ii) if it is how is it being commercialized...
At the end of October, BT Imaging held its first board meeting and management operations review since the acquisition. The Company is pleased to confirm that the business is performing well and is on track to achieve its fiscal June 2022 financial and operational targets including, approximately C$10,000,000 in sales, profitability, and cash flow positive.
Comment: It will be interesting to see the performance post acquistion.
To grow the business beyond its internal resources, additional financing may be required to scale the Insight product and/or fast track diversification through acquisition, collaboration or technology development. Any financing will be tied to a disciplined approach to deploy capital...
Comment: This might be holding the stock price down...