Author argues Inno Holdings is extremely undervalued given its large cash position relative to market cap and its pivot from steel manufacturing to e-cycling with acquisition-driven growth plans.
Unpriced research observations (excluded from Calls and Returns):
INHD — LONG The author argues Inno Holdings is extremely undervalued because it holds roughly $42m in cash against only 7m shares outstanding and about $3m in revenue, with over 100 months of cash runway. The company is transitioning from steel manufacturing to e-cycling, growing revenue from zero in 2024 to $2.8m in 2025, and management has stated it will scale through acquisitions now that it has the money. The author notes the company historically lets the equity line run multiples and does not let the price go under $1, and the recent ATM, cash raise and reverse split were all done within the compliance window. The author states they are focusing on the cash situation rather than the web3 application dabbling. resolved_asset_type_mismatch
Their cash position in October was $13.5m, they raised $28m via ATM in November and $3.9m via PIPE in January. They have an estimated $42m cash on hand according to Dilution Tracker. Over 100 months of cash runway.