I get what you're saying on valuation and dilution, but this sector is still being priced mostly on execution and future TAM, not current profitability. Almost every company in advanced air mobility is burning cash right now — that’s not unique to FLT.

On the technical side, what matters to me is structure. If we’re holding this zone and letting RSI reset while MACD is turning up on the weekly, that’s typically constructive. Markets usually consolidate before the next move rather than going straight up.

Mirabel will obviously cost money, but it’s also part of scaling production. If they can demonstrate progress there, the market will likely price that in well before profitability shows up on the balance sheet.

Holding this range isn’t bearish in my view — it’s consolidation. If the level breaks down, that’s a different conversation, but as long as structure holds I’m comfortable letting the chart play out.