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VisionWave Holdings (VWAV) has recently made progress in artificial intelligence radar and Bitcoin mining software. Currently, they are exploring non-explosive drone interception systems with partners in Germany and Israel. Despite this, the company's stock price has fallen over 20% in the past month and year-to-date. Its price-to-book ratio is as high as 49.7, well above the industry average of 4.2, and it is still operating at a loss with no revenue reported yet.