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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -17.2x - -19.0x | -18.1x |
| Selected Fwd EBITDA Multiple | -31.0x - -34.2x | -32.6x |
| Fair Value | $1.75 - $1.93 | $1.84 |
| Upside | 32.9% - 45.9% | 39.4% |
| Benchmarks | Ticker | Full Ticker |
| SolarMax Technology, Inc. | SMXT | NasdaqGM:SMXT |
| Polar Power, Inc. | POLA | NasdaqCM:POLA |
| ChargePoint Holdings, Inc. | CHPT | NYSE:CHPT |
| ESS Tech, Inc. | GWH | NYSE:GWH |
| GrafTech International Ltd. | EAF | NYSE:EAF |
| KULR Technology Group, Inc. | KULR | NYSEAM:KULR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SMXT | POLA | CHPT | GWH | EAF | KULR | ||
| NasdaqGM:SMXT | NasdaqCM:POLA | NYSE:CHPT | NYSE:GWH | NYSE:EAF | NYSEAM:KULR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -49.7% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -750.0% | -8.0% | 45.6% | 16.6% | -270.6% | 33.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -17.0% | -50.8% | -78.0% | -5371.9% | 34.8% | -355.9% | |
| Prior Fiscal Year | -17.2% | -31.3% | -77.6% | -11629.6% | 1.6% | -205.5% | |
| Latest Fiscal Year | 1.2% | -36.6% | -51.3% | -1052.9% | -3.1% | -125.1% | |
| Latest Twelve Months | -18.2% | -28.3% | -51.3% | -1261.6% | -3.1% | -125.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.43x | 0.84x | 0.88x | 1.41x | 2.01x | 22.42x | |
| EV / LTM EBITDA | -13.3x | -3.0x | -1.7x | -0.1x | -64.7x | -17.9x | |
| EV / LTM EBIT | -13.0x | -2.8x | -1.5x | -0.1x | -13.7x | -15.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -64.7x | -3.0x | -0.1x | ||||
| Historical EV / LTM EBITDA | -60.9x | -17.9x | -1.5x | ||||
| Selected EV / LTM EBITDA | -17.2x | -18.1x | -19.0x | ||||
| (x) LTM EBITDA | (13) | (13) | (13) | ||||
| (=) Implied Enterprise Value | 231 | 243 | 255 | ||||
| (-) Non-shareholder Claims * | 28 | 28 | 28 | ||||
| (=) Equity Value | 259 | 271 | 283 | ||||
| (/) Shares Outstanding | 214.1 | 214.1 | 214.1 | ||||
| Implied Value Range | 1.21 | 1.26 | 1.32 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.21 | 1.26 | 1.32 | 1.32 | |||
| Upside / (Downside) | -8.5% | -4.2% | 0.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMXT | POLA | CHPT | GWH | EAF | KULR | |
| Enterprise Value | 71 | 13 | 370 | (14) | 1,062 | 255 | |
| (+) Cash & Short Term Investments | 9 | 0 | 225 | 55 | 256 | 30 | |
| (+) Investments & Other | 10 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (35) | (7) | (317) | (2) | (1,093) | (2) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (0) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54 | 6 | 277 | 39 | 225 | 283 | |
| (/) Shares Outstanding | 45.3 | 2.5 | 458.2 | 11.9 | 257.3 | 214.1 | |
| Implied Stock Price | 1.20 | 2.42 | 0.61 | 3.26 | 0.87 | 1.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.20 | 2.42 | 0.61 | 3.26 | 0.87 | 1.32 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |