"Also if I am management of SAS then surely the best course of action would have to expend capital to actually build and launch first and then contracts, etc later. So why MoUs first???"
Are you for real?
That would be like property developers building all the houses before selling any. Of course that doesn't happen because it is bad business. They sell off the plan and then build in stages. Selling "off the plan" is a way of determining the demand and pricing for the product before expending capital. If adequate demand is there, then securing funding is easier. Building in stages means minimizing capital expenditure before revenue starts coming in. SAS is just following a well established business model.
Maybe the remuneration for management is on higher side, but much of this comes in the form of stock and is not draining dollars from the bank account. SAS has spent about $30M in two and a half years. That money has built, launched and tested the 3 diamonds, created and tested software that autonomously controls satellite constellations (this software is worth millions), fully designed the Pearls and village as well as the other operational, advertising and sales expenses. The expenditure has hardly been unreasonable. Another $50M and they are fully funded to produce a product that can make $100M's per year.
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