Ann: EN1 Exceeds 2019 Integrations Target, page-112

Let's focus on the issues not the hollow mudslinging.

EN1 is comprised of several elements - let's discuss each.

1) there are 3 business units: Adcel for gaming; Iconic Reach for influencer marketing; Engage platform for programmatic.

Adcel is extremely interesting because they are the first to solve a problem - helping game apps properly monetise through getting best prices for ad space / and selling 99% of inventory. They are also deeply embedded in those apps via an SDK - meaning they control the gateway to the ads. This is an extremely powerful position to be in. There is also the opportunity to bring some of these features across into the other 2 platforms - making them more effective.

Iconic Reach attracts influencers by providing a mechanism to grow their audiences - we await updates on wins. This is a truly global phenomenon - Asia is big on influencer marketing.

The programmatic platform is the most mainstream - I believe there is a lot of competition in this space - but its where the company has the longest history - programmatic is massive and is growing rapidly - there should be plenty of pie for a number of players. The trick here is to move fast / land grab - the 200 integrations is testament to moving fast - we await to see how these integrations unfold

2) the cash / funding / business model

As has been said - the business model is similar to Afterpay - you raise cash - and invest in the market a number of times throughout the year - each cycle brings yield - margins are around 42%.

In the past this was all out of whack - hence the SP decline - this year marks the turnaround - so far it looks like the machine is working as intended - and now growing pretty quickly - we watch every month for further evidence / insights.

3) The prize

If EN1 get this right there is a massive prize. A truly global - incredibly scalable - fast growing business with tons of tailwind. $1 billion MC is exceedingly doable if all continues to come together. $100 mill MC is already in view in my opinion - assuming each month from here shows similar improvements as per the last 3 months - we should be at $100 mill in 2020

Of course things can go wrong - delays, stuff-ups, changes in the landscape - so no guarantees.

But I'm using Adcel as the 'canary in the cave' here. I think they are proving just how quickly this can scale.

I want all the news and updates I can get. Bring it on!