Hi Pino,
I agree that the company's products seem quite interesting. There is however very little else to go off here. The company generated $5.3M in 2019 and $5.1M in 2020 - which was likely impacted by the pandemic. It is also trading at 23 times sales, which is quite expensive. No analysts cover the company and it does not issue guidance, so not sure where it stands on forward revenue.
That being said, it claims to have C$31mn in sales orders with deposits which equals 175 machines pending installation. Since it is unclear what their manufacturing capabilities are, it is unclear if these are expected to be delivered in 2021 or beyond. Let's assume for minute that the 31M is delivered over the next year, that would give it a much more reasonable P/S ratio of 5.4 times on a forward basis. Not bad - not super cheap either.
The other question is - can it increase that backlog from 31M to 50M or 100M moving forward. This is still a brand new company which only entered into commercial operations in 2018. Last year's revenue was flat, but not a real good indicator of demand given the pandemic.
Overall it looks like an interesting company and one that may be poised for rapid growth. It is just tough to truly value as there is no history of execution, so be mindful it does come with risk.
Mat