IPO - UUV Aquabotix Ltd, page-256

It's always the way with pre-rev techs. Valuation is more sentiment than science. Unfortunately, when the market is risk-off, what would normally trade at $30-40m EV instead trades at $20m EV. MOB and GMV are behaving no differently.

What UUV doesn't need to do is raise cash for a very long time, so any market storm can be weathered, business unconstrained and the only loss is the paper one you see when you log into your portfolio.