"My main doubt in this Company is on the product area. I have...

"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)."

The previous CEO's tenure ending was for valid reasons. Relocation was definitely one of them, but there were other matters that I highlighted in an earlier post after having a discussion with management. Refer back to some of my earlier posts


"- 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."

Almost all cameras offer RAW pictures which is different, but internal RAW video is certainly something new. Keep in mind most of these are not ProRes RAW codecs which has MUCH wider adoption. Plus there are patent issues that often halt manufacturers from implementing Internal RAW. I touched on these points in some of my earlier posts. I'm not too concerned about this in the immediate term. Longer term sure, but that's still a way out and they are already diversifying with the newer product/service launches.

"- 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."

There will always be a segment for cheap and nasty as well as a segment for higher end. SmallHD has been around for a while but their price point was higher and didn't really appeal to the semi-pro / socials market as much as the Ninja V did. The SmallHD Action 5 can't do 4K 50/60fps which the Ninja V can. The market is already moving to faster frame-rates. The Ninja V also has other aces such as easier screen calibration capabilities, additional hardware add-ons and now software add-ons as well. Dollar for dollar, in my opinion Ninja V wins.

Streaming wise, they are a relatively new player and companies like Teradek have been established in this area for a while. What Atomos have going for them is modularity and significantly cheaper price points in general. It's worth considering the product offering as a sum of all the components.

That's not to say everything is perfect. Their USB CONNECT dongle for example appears to be a generic $20 USB device with an Atomos label slapped on - I found it quite a disappointment and an insult to peoples' intelligence. The Ninja Stream (remember that?) was also a failed product (in my opinion) as soon as they announced it was rental only... but it did give birth to the Ninja Cast and now the Atomos CONNECT.

"- 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."

I think the Atomos Connect for the Ninja was a smart move as it provides additional functionality at a relatively low cost point, especially for existing users. I remember thinking if it was possible to do a hardware add-on when the Ninja Stream was announced. Keep in mind there is the hardware, the C2C streaming service as well as the live streaming service for large events. The details are all a bit sketchy, so we will just have to wait and see. Also what they haven't really advertised properly, but really should is the possible device remote control capabilities that are now possible as well.


"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"

I suspect there were other issues at play with the founder leaving, but we will never know. I think by Q2 we will definitely see a more clear picture of where the ship is sailing.