Having said that, I don't think the intention is to continue to...

Having said that, I don't think the intention is to continue to operate over long term, I think the new Board strategy is to realize value of all assets and distribute back to the owners. So far we got:

1. Cash ~$6m post Zoleo royalty sale (business seemingly also still cash generative in current state)
2. Zoleo 50% JV Shares (unknown $, could be many millions $)
3. Inventories at cost on book (~$5m)
4. Legacy business that probably still has several years in it at current levels ($1-2m EBIT?), this comprises of 2-3 things that are easily packaged up, including the Equipment Business (Iridium products, and Own Brand products) and Satphoneshop as a standalone thing.

Normally sum of the parts valuations are hard to realise, but I think in this case, there's a reasonable potential for slicing the lot up. The board is indicating it with the "review of its position" post the Zoleo JV sale.

So far, they have come very good on their promises to cut operating expenses dramatically, and reduce any further R&D/Capital investment to practically zero.

Run the business for cash while collecting the Zoleo JV instalments, sell off the equipment business of which there would be a few trade buyers I'd suspect, the revenue still being generated is not insignificant, and flip Satphoneshop as a ready-to-go easy to operate e-commerce business. All very possible.

It's not hard to come up with a couple of different scenarios where these all lead to much greater value than is currently priced into the market cap. The value of the Zoleo JV is the biggest unknown, but it doesn't even need to be that outlandish to make it work from here.