I've been very sceptical about a company called Lightwave RF (LWRF) and expressed concerns on the ADVFN bulletin boards several times.
The company released dreadful interim results this morning I'm afraid. Revenues have fallen a whopping 47% to just £804,455 and an order book of just £750,000 is pretty poor when they're burning through cash like it's going out of fashion. They used more than £500,000 of recently raised funds in just six months, and the balance sheet is looking pretty ropey. Cash remaining on the balance sheet is just £119,000. Losses amounted to almost £400,000.
They've attributed a net book value of £600,000 to the group in a rather laughable attempt to suggest that the group is increasing in value when tangible assets have increasingly got worse. In fact if you strip out intangibles then the group is worthless with tnav of minus £316,719.
With losses likely to be heavy for the full year alongside significant cash burn then even at this lowly market cap. you'd need a huge leap of faith to invest in my opinion.
Clearly the IoT hasn't quite arrived for this company yet. Now where did I put my mobile phone?
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