| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| PPSI | NVVE | NEOV | SPWR | STEM | | KULR | |
| NasdaqCM:PPSI | NasdaqCM:NVVE | NasdaqCM:NEOV | NasdaqGM:SPWR | NYSE:STEM | | NYSEAM:KULR | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.1% | 15.4% | NM- | NM- | 52.5% | | 66.8% | |
| 3Y CAGR | 7.7% | 8.0% | -18.1% | 43.9% | 4.3% | | 64.5% | |
| Latest Twelve Months | 105.8% | -36.6% | -19.4% | -51.7% | -68.7% | | 9.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -22.9% | -458.9% | -109.4% | -52.9% | -69.1% | | -365.8% | |
| Prior Fiscal Year | -63.3% | -385.3% | -76.3% | -31.8% | -37.8% | | -228.0% | |
| Latest Fiscal Year | -22.9% | -387.1% | -88.4% | -59.8% | -112.8% | | -141.9% | |
| Latest Twelve Months | -22.9% | -387.1% | -128.6% | -154.6% | -112.8% | | -141.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | -0.45x | 2.34x | 35.66x | 6.81x | 4.24x | | 33.13x | |
| EV / LTM EBIT | 2.0x | -0.6x | -27.7x | -4.4x | -3.8x | | -23.3x | |
| Price / LTM Sales | 1.34x | 0.53x | 35.54x | 3.58x | 0.48x | | 35.74x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | -0.45x | 4.24x | 35.66x | | | | | |
| Historical EV / LTM Revenue | 3.17x | 45.48x | 282.30x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 29.11x | 30.65x | 32.18x | | | | | |
| (x) LTM Revenue | 11 | 11 | 11 | | | | | |
| (=) Implied Enterprise Value | 313 | 329 | 346 | | | | | |
| (-) Non-shareholder Claims * | 28 | 28 | 28 | | | | | |
| (=) Equity Value | 341 | 357 | 374 | | | | | |
| (/) Shares Outstanding | 284.2 | 284.2 | 284.2 | | | | | |
| Implied Value Range | 1.20 | 1.26 | 1.31 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.20 | 1.26 | 1.31 | | 1.35 | | | |
| Upside / (Downside) | -11.2% | -6.9% | -2.7% | | | | | |