Ann: Meeting Results, page-124

It costs money to build cameras. Takes time to repay that cost using reoccurring revenues. So negative margin in the first and second year given upfront costs vs reoccurring revenues.

Once cost of camera is repaid - and that same camera is redeployed to a new site - your margin improves dramatically.

The problem? It takes time.

A lot of short term traders who don't understand the concept of hardware sales using a "cloud" model jumped in mid/late November last year expecting a quick pump in price. The pump never happened, and my guess is they are now breakeven on that initial outlay - possibly even holding a loss.

Also - my personal rule of thumb is to add circa 6 months to any milestone a company states publicly. Anyone expecting news on gas/lidar will grow more and more impatient.

Only reason I didn't take up my SPP allocation personally.

I figured I could buy them cheaper based on the above.