@Scott, agree it's not a failed company with sales from tier 1 customers. If I really try to zero in on my primary concern / issue, it's when the extended cash collection issue because a growth and then revenue decline issue.

I did a bit of work on their customers recently (which is how I came across the Entergy slide) and there are examples U.S. utilities (not exclusively customers of 3DP) where the rolling 12 month capex and R&M lines have slowed. There is also a similar read through from IKE with very similar customers and end market (apologies, I can't recall who did the analysis to sight the member).

Again, I struggle because without too much effort, I'm able to convince myself to wait it out for the next couple of quarters, despite what's increasingly looking like a busted thesis.

Re: takeover, I agree the chance has increased, but perversely, I see this as a risk, as any potential transaction would require management's blessing and the concern is that they low ball it.