Aduro 10-cap Valuation

This company hasn't proved out a commercial application for their technology, so this is slightly moot, but I want to do it to reality check myself

2024 FCF: -$10M

Market Cap: ~$500M

Negative cash flows break this model. This is why it's very hard to value a productive asset.

If management would provide hard numbers on what their first scale-up application would produce, this would make it easier to update the model.

Sentiment: Bearish