Yes, they indicated that there would likely be further dilution. Do you happen to have an idea how it would affect price when balanced out by an apparently real landing in the USA and a binding agreement for 40 fully funded trucks? Are there analogous business stories we could compare this to?

I have zero understanding of the practicalities of fundraising but I'm wondering if, after some houses are built to code in Florida other funding avenues might open up.

Hard to say - but the current cash burn (c. $35 to $40m p.a.) means that at a market cap of $100m it could be significant. Lost $20m last half. Cash at 31/12 was $5m + $12m raise in Jan less cash burn would give you current cash of approx. $10m (give or take) at the moment.

It's not clear what cash flow will come from the US JV and on my quick read it's silent as to timing of sales and milestones (they left most of the timing out of the slides - probably because they don't have certainty and don't want to put a target on their back). From the terms it looks self funding anyway - down the track if successful could be material though.

So real question is this, how long will it take the US JV to get to cash flow positive. And after that, can the cash flow in the US meet the cash burn here or cash burn in Australia be reduced (or ideally both). Because on these numbers - you'll need to issue share cap of 3% of the company just to meet the monthly cash burn on current rates - and that's a lot.

Further to my comment above - another couple of month's cash burn covered with a $9m ATO R&D refund, announced this morning. Question still remains how much cash flow can US generate and how much cash burn can they curb to avoid a raise? BTW in my view a raise doesn't necessarily mean its not worth investing in, just need to bring it into your assessment of value when you consider what the business might be worth.

Discl - I don't hold IRL or on SM.