10c is coming, page-129

FRX is a no-brainer.

1. Overall goal/ moat / tam-sam depth - grow the solutions business - unlimited potential clients including shipping, streetlamps etc. etc. 3-5 years expecting 70-80m recurring revenue - this is about land and expand and tripple, tripple, double, double is in reach.
2. Starlink - Starlink is satellite internet - if it's cheap Flexiroam can assimilate their tech into Starlink. Have partnerships with 520 telcos - they are just another integrator/ solution provider for IOT related matters
3. Won't need to raise again unless strategically aligned
4. Lean salesforce with large output - the two leads are very technical rather than salesy, Joust is basically doing consultative selling and understands inside and out the upside compared to Truephone and it's clear the pipeline is healthy
5. With Nearshore the 24TB commitment is just 6-8 ships...
6. The advantage is FRX's flexibility - building the exact needs for each deal with their solutions means already most use cases have already been built out - which means higher sales velocity, more stickiness etc.
7. Extremely experienced, frugal and execution based management team
8. The team is incentivized well - there is skin in the game across the board
9. They are clearly anti-fragile, read the way FRX handled their Covid period and came back

DYOR.