Nice update. 80% of the 5 year minimum commitment over next 12 months is ~$15m AUD captured, or ~$4.5m gross profit at ~30% margins from Go Exec! alone.
Could be a conservative outlook considering >$7m (40%) of this appears to be from ~6 month period alone (perhaps factoring in some boost for initial launch). However suggests possible to exceed this forecast potentially as further momentum gained.
It also appears that the original Iridium Go is still performing above expectations rather than completely cannibalized by the Go Exec! so total equipment hardware revenue will be in excess of this.
Throw in some meagre growth on the Zoleo side and this thing is drastically outperforming the measly multiple the market is giving it. It also suggests that this company has a much longer sales runway than the multiple gives credit for (currently basically priced for total obsolescence in a few years or an assumption Apple/Garmin will have 100% share in every space they operate in - which is perhaps unfounded - and their revenue mix is more diverse than the consumer market).
As a side note, Zoleo is outselling competitor products via Amazon USA, which bodes well for all regions as AU and Europe benefit from US's global marketing exposure. They do not even need to beat either Garmin or Apple to be successful, and now with positive cash being generated there is optionality to play it smart in the right areas.
