A major supplier of high-nickel cathodes for EV batteries is facing a dramatic valuation collapse. Share prices have plummeted over 70% from the 2023 high watermark, wiping away gains that came after landing a massive Tesla deal initially pegged at $2.9 billion. The sharp reversal reflects broader shifts in the EV supply chain dynamics and battery material costs. What looked like a golden ticket just two years ago has turned into a cautionary tale about the risks of concentration risk and cyclical exposure in the energy transition sector.