On watch, page-6

At least we are at a junction point now. The shift in strategy (and capital cost) to expand from a single product offering to owning the tech stack seems to be mostly behind us, so the next 24 months are about how well they execute on this and start showing a return on all that equity. Despite the past have to look at the go forward:

PLAYR: If the market appetite is there and they execute, could/should go on to be a big component of earnings, and at what should be a higher EBITDA margin than pro. Things to watch in short term are unit sales numbers, and distribution deals with major retailers announced across key continents.

PRO: Continuation of growth rate, no major uplift in churn or major losses to competitors.

XOS: Clear evidence of global rollout.

DATA DEALS: More data deals (i.e Telstra Tracker) and potentially a larger global partner (i.e Gatorade Tracker)

COST MANAGEMENT: Have to see a clear indication that EBITDA margins will progress to at least 20%-25% or revenue over next 5 years.

Hopefully we have the right team on board now with CEO/CFO who can deliver on above.