Hey Christos,
Yeah, looks like it was a rough quarter for ANRG. First off, have to remember that this was more of a speculative stock to begin with considering it is operating in an early-stage industry. That said, it had done a decent job growing revenue over the past few years.
This past quarter, the company missed revenue estimates by a large margin. Reported revenue of $36.6 million (-10% Q/Q) missed expectations for $54.5 million and adjusted EBITDA of $0.5M missed consensus for $3.6 million. The company also lowered Fiscal 2023 guidance and is now forecasting revenue of between $180 -$220 million (prev: $280 -340 million). It expects a continuing feedstock shortage at Rialto which no clear indication of when that headwind will subsite. It also further delayed the 6 Italian BOOs (which were expected to be operational in Q2). Worth noting those Italian BOOs were first announced in early 2022 and were supposed to be in operation by the end of fiscal 2022. There are several reasons for delays but somewhat concerning is that they did not put a new timeline down outside of they will begin operation at some point in Fiscal 2023. Time will tell if they can deliver, but so far they have been unable to do so.
Those are huge misses and lack of operational execution. While the company may yet recover, in this environment of uncertainty it is not surprising to see the company's stock price react materially to such big moves. They are also still looking for a new auditor and CFO and given what happened to similar companies like Xebec, I'm sure this is also providing anxiety in the market.
Mat