It loses money, pays no dividends, burns through more than $1 million in cash a month, and doesn't expect to make a profit any time in the foreseeable future.
It is also fearfully trendy. It was founded by Anthony Maslin, who wanted to do something worthwhile with his life after losing most of his family on Malaysian Airways' flight MH370.
It started with regenerative farming in the Western Australian wheat belt, it retails its produce under the Dirty Clean Food label and appeals to its online customers with trendy slogans such as, "stick a fork into climate change".
It has expanded into producing oat milk and worked out a way of getting plant-based protein from lupins without feeding it to cows.
That sort of ethical, feel-good business sucks in many investors, including the Punter, which is probably why he paid $1 a share.
Alas, when the first flushes of excitement faded, shares in Wide Open Agriculture (ASX code WOA) headed south.
It is the Punter's second largest investment, and he has lost almost half the money he put into it in November 2020.
Last week he almost rushed out to buy even more WOA.
That sort of doubling-up is high-risk at the best of times.
But WOA numbers are good - the only reason the Punter didn't buy last week is because he expects the stock market to fall further.
WOA may have negative cash flow of more than $3 million a quarter, but it has enough readies in the bank to do that for two years.
Meanwhile, sales are growing rapidly, up from $1.14 million in the third quarter of 2021 to $2.6 million in 2022.
On Friday, the company launched its pilot plant for producing Buntine Protein from lupins.
Monde Nissin Australia has already agreed to buy up to 60 per cent of the pilot plant's output.
The Punter has placed a cautious order for $10,000 WOA at 51c.
- The Punter has no financial qualifications and no links to the financial services industry. He owns shares in a number of companies featured in this column.
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