STOCK

Our stock went from $300 to $4. Then back to $150. If you sold at $4, I understand. If you held, you believed in what we were building more than the market did.

Our market cap went from $40 billion to $4 billion. A 90% decline. We didn't change. The product didn't get worse. Telehealth visits are still happening. The market just stopped paying pandemic multiples.

The stock going from $179 to $12 was painful. But the value of what we're building didn't change — the market's perception of it did. I've learned to separate market noise from engineering progress.

The stock going from $132 to $5 was brutal. But the stock price doesn't change the physics. Our cells still show 80% capacity after 800 cycles. Markets are opinions. Lab results are facts.

Our stock 5x'd from the IPO low. Everyone who called us a money pit has gone quiet.

An 80% stock decline teaches you that growth without profitability is just expensive marketing.

A 97% stock crash and a 10x recovery. Root's chart looks like a heart monitor.

Our stock went from under $5 to over $60. A 1,000%+ rally. Everyone who counted us out was wrong.

A 95% stock decline is hard to explain to shareholders. Pivoting to a better business is how we earn trust back.