Ann: BCC June 2023 Quarterly Activities Report & 4C, page-16

The JV vehicle is not inherently designed to generate immediate profits for Beam.

Beam's primary profit driver is 70% take on royalties from its designated distribution regions (ANZ etc) and 50% from Europe. These royalties are not part of JV vehicle result. The 4C says that these royalties are now tracking >$870K pa. That's what makes it "the point" of Beam being part of Zoleo.

Yes Roadpost is getting the lion's share of US/CA market royalties, but they were previously master distributors for InReach product (pre-Garmin's acquisition of the business) in that region and had a lot of existing relationships in distribution they have now put on the table for Zoleo. I don't think the JV is as unfair as everyone makes it out to be. Roadpost contribute a lot that is intangible to the apparent success of Zoleo globally imo.

The staffing costs seem fine 2021 to 2022 as it was basically in start up phase. I would be disappointed if staffing/operational costs have blown out for 2023 but we won't know that yet until they report full year annual accounts. (My estimates above on OpEx for Zoleo Inc are only assumptions)