Agreed. The problem with EFL is that we can't predict the earnings. We have 2 quarters of delayed income from the 2 MOUs:

1) http://www.electrovaya.com/pdf/PR/2016/PR20160413.pdf

2) http://www.plant.ca/general/155103-155103/

In the latest update, we are told that these may not come in or be at their full amount. On the other hand, Separion's value is underestimated, as is the overall value of the company, such that the market cap is low compared to it's value. 2017 matters because management will be tested more than ever before. Sankar is on record expecting $200M and profitability though I am still concerned that we see no other MOUs or LOIs in the pipeline. Q4 could disappoint and that could be priced in but 2017 is pivotal for this company.