Beyond Oil (BOIL.CN)

Powder to clean cooking oil. You want to see it sign larger, longer-term contracts with big companies. Stock moves in fits and starts.

Additive to commercial cooking oil that removes impurities, letting it be reused. Bigger uptake in the Middle East, where they've signed contracts with some of the big fast-food chains. Market's anticipating global expansion. Not a ton of competition. Revenue's been increasing, next inflection will be when it goes EBITDA-positive.

One to watch.

It remains a tough call. With new technology such as theirs, we need to look for third party confirmation. This is best done by actual sales. And sales here remain minimal. It is losing money, with negative cash flow. It has distribution agreements and has received payments, which will show up next quarter. But these will be small to start. Meanwhile, after a 430% one-year gain, market cap is $220M and expectations are already very high here. Often, sales ramp is slower than expected. But, insiders own 27% and have been buyers. Momentum is very impressive even in a horrible market. With partnerships it does have global potential. It is a tough market for low-revenue small caps. It needs to be considered speculative, for sure. We think it is interesting, but would certainly start at a lower weighting than 2% due to the high risks here. 
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Its strong momentum is certainly continuing, now up 48% in 2025 already. It has signed more contracts, and expanded its georgraphic base. Its raised $8M late last year. Many of its contracts are still in the pilot phase, but certainly it is very busy. It has issued a lot of press releases, and we might prefer a more quiet approach. In its last report it had mimimal revenue still, about $2M cash, and reported an operating loss of $2.3M and a net loss of $4.8M in the first nine months of 2024. Operating cash flow was negative $2.2M. So, our earlier comments on revenue/cash flow still very much apply. There remains financial risk here. But, on the plus side there are the contracts, momentum, and a bit of insider buying. Market cap is now $134M, and typically above $100M more investors start to look. We think it could be bought as a 'basket' approach with several other small caps, but would still be a but reluctant to give it full endorsement while cash flow remains negative. 
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Powder technology that cleans out cooking oil. Makes the oil healthier, plus extends the life of that oil. Just starting to market its technology, going to be hitting lots of radars. Think of all the fast-food chains across NA. He's waiting for the inflection point when it turns EBITDA-positive.