I feel some of your frustrations (share price and some of their earnings call comments). I think it could drop short term, but I see no reason for it to stay down long term and should trend up.
I actually think management knows this business and I like their business model. I think they're making great progress with brand recognition and that will pay off long term. However you view things, they're still growing and gaining strength.They will fight off their competitors as they're facing the same stiff competition; only a few of the strong will survive and Skull is investing up front to ensure a long term quality brand.Eventually the weaker players will drop out as they won't have the brand and cash to hang around.