FY25 revenue fell 24% due to temporary issues, but the company improved gross margins and lowered expenses to keep losses unchanged from a year ago. Encouragingly, FY26 has started strongly, and this is supported by our analysis of market data. To fund anticipated strong revenue growth, the company has secured additional funding that it believes should allow it to reach profitability. Despite the company’s strong position in the emerging Indian smart metering opportunity, shares trade at only 3x ....
