I’ve sold my position after digesting the Q4 report and the earnings call.
Not because I suddenly hate the tech — but because the company’s communication + execution gap has become too big for me to ignore.

I’ll be blunt: I don’t like how Qichao Hu communicates. There’s a lot of talking, a lot of big vision… and so far, not enough delivery. My thesis depended heavily on believing management’s communication was reliable and that timelines/narratives would hold. Unfortunately, I no longer think that’s the case.

1) The 2026 growth messaging doesn’t match reality

I take it very seriously that in Q3 the CEO talked about 2–3x growth in 2026, and now we’re looking at something closer to ~60–80% growth based on 2026 guidance. That’s not a small miss in messaging — that’s a completely different expectation set.

2) Drones: shifting story, shifting manufacturing plan, rising timeline risk

The drone narrative was one of the main reasons I stayed bullish.

What I didn’t like:

• The company pushed the Top Material / Korea manufacturing angle.
• They hinted at initial drone revenue in Q4 2025 that would scale through 2026.
• The messaging gave the impression they were close to being ready to deliver in H1 2026.

Now it looks like the Top Material collaboration may not even happen, and they’re talking about alternative options in Southeast Asia that they’ll communicate “later this year.”
To me, that increases the risk that drones gets pushed out again, and that was a key part of the upside.

3) Molecular Universe: lots of talk, no visible traction

Molecular Universe has been positioned as a major strategic pillar — tested by battery giants and auto OEMs — but we still haven’t seen real traction, meaningful commercial details, or any clarity on when MU can generate sustainable revenue. The company itself doesn’t seem able to give a solid timeline.

4) No clear forward revenue structure

There’s still no clean, confident presentation of what the revenue mix will look like over time. What does look clear is that ESS will likely dominate 2026 revenue, and that’s mostly hardware — lower margin, more execution complexity, less “software multiple.”

5) The “software + hardware” image doesn’t match what we see today

The company wants to be valued like a hybrid software/hardware business, but right now it still looks primarily like a hardware-driven story with limited visibility. The software narrative is still mostly “future potential,” not proven commercial reality.

Bottom line: too many things were promised, too few were delivered, and the acceleration I expected hasn’t shown up. The company is still in a very early stage, and the timeline risk is higher than I’m willing to accept.

I’m down ~45% and I’m taking the loss. I accept that I misjudged this one and I’m moving on rather than hoping the narrative fixes itself.

Good luck to everyone still holding — I genuinely hope they execute and prove me wrong.