Flexiroam Inflight WiFi Released, page-27

I'm not quite sure I'd go as far as saying Apple has approved FRX for their eSIM, as Aussie has suggested. But it is an important milestone knowing that they actually have their eSIM platform ready (or nearly). FRX had originally slated it for release this quarter, which almost always means the end of the quarter (if you're lucky). Looks like they may actually release early!

eSIM is both an opportunity and threat for FRX, but no doubt they had to get onboard. It will present the opportunity for FRX to grow much more quickly, as it doesn't need to be physically distributed like a normal SIM or microchip/sticker does.

You simply need to download the App or scan a QR Code and you are away. (Presuming your handset has an eSIM and is unlocked). I guess this is why they put the offer out there. There can't be too many brand new unlocked iPhones out in the marketplace yet.

The threat is that in essence anyone who develops or buys access to an eSIM platform can compete. By 2021 ish, they won't have the advantage of their microchip any longer.

The short term catalyst for FRX's SP will be the upcoming quarterly. I'm forecasting (hoping) for $2.5-$3m in receipts with hopefully $500k in positive cash flow.

If this is achieved, it will be a reward for long suffering holders. It has been 2.5 long years of (mostly) steady progress on the Flexiroam X product after the failed attempt to create an OTT VoIP app.

The only area of concern for me is their R&D spend. It has been relatively modest for the last few quarters, so hopefully the eSIM/inflight/Flexishare development costs don't impact this too much. I guess we'll find out soon.

Other good news it that AppAnnie rankings are showing continued strength, now ranking in over 50 countries for Top 1000 in Travel for iOS. Every Malaysian Airlines international passenger in 2019 will be given a microchip/SIM.