Ann: AMS New Debt Facility, page-19

My main doubt in this Company is on the product area. I have been always thinking that it might be a very good investment, but now I am not sure if this Company will exist in the future (recent news announcement with CEO leaving in just 6m make me think that the BS is not so solid).

Going to the product side, I see three main risks:

- New cameras are already offering RAW images/video recording solutions (Nikon / Canon). It is right that there are a lot of old cameras in the market with that capability but anyway, this is a big risk as they need to change the whole business model.

- Once excluding the RAW recording solution, in terms of monitors there are other products that might threaten its historical position. In the low-end segment, Yololiv monitors are very cheap and it seems that have been quite successful. In the upper range, the well-known SmallHD monitors are gaining share from Sony in Cine segment, and after a few years out of the proamateur market (only specialized in the cine), have started again to sell in this market (small hd Action 5) with a very cheap solution. Finally, it seems that they are not very well positioned in the streaming market, where Teradek Wave is gaining a lot of the share.

- New products (Atomos connect) seem to be amazing (especially with TimeConnect technology), but it will be $3-6m over the next years, so I tend to think that is required to understand the rest of the business as this new area is still very small.

Finally, founders exiting the Company at peak prices over the last years increase the red flags in this companyHopefully in Q2, they give more detail