Czech billionaire Michal Strnad said investors are undervaluing his company, CSG NV, after its share price halved since he completed the largest-ever initial public offering for a pure-play defense firm.

In his first comments since Hunterbrook Media issued a report on CSG last week, Strnad said questions raised about the size of his company’s production capacity were “total nonsense.” Busy with new acquisition projects, the 33-year-old said he plans to expand the business further beyond Europe after revenue increased more than sixfold since Russia’s 2022 invasion of Ukraine.