You are right. The EV is 2nd half skewed like the EW business,...

You are right. The EV is 2nd half skewed like the EW business, it was the drop in ARR sequentially over last half that was the worrying number.

The EV business had revenue drop half on half from H2 18 of $22.5mil to H1 19 of $20.7mil. So the drop this half is consistent.

The video sales outside the US would likely all be Vision, highlighting how small the business is currently (120k sales). What portion of video revenue Vision has inside the Americas segment isn't clear but I'm thinking total Vision revenue is <$1mil. Given that all of Vision is subscription, it means the drop in ARR was from Xos.

So overall a pretty slow half. Looking forward, given the delay of Vector launch last year they missed the key selling season in H2, so hopefully this year they can generate some strong sale with Vector. 12% of the fleet is using it so there is certainly some room to grow with existing clients plus, more importantly, new clients. Hoping Vision can become a bigger part of the story. The ability to cross sell has always been spoken about and they did mention clients using 2 or more products grew 66%.

I am very interested what the CEO/CFO can bring. They spoke a lot about becoming a 'platform' on the call. Moving away from thinking like a hardware business and strongly focusing on recurring revenue driven by a platform mentality.

Probably wait and see from here. SP has pulled back a long way, but its hard to get a really concrete read on the underlying trend of the business.