Thanks for the reply @Access2020, to say the JV is complicated...

Thanks for the reply @Access2020, to say the JV is complicated and lacks transparency is an understatement.
And we should keep in mind, it's not revenue, it's a share of Operating Profit.



So to summarise the worst JV on the ASX, Beam get zero direct revenue for the USA / Canada markets. The 30% that doesn't go to Roadpost, gets feed into the JV entity, which can't seem to make any money on $30m in revenue. I am very confident that Roadpost made plenty of money out of it though!!



Keep in mind that Beam state the objective is that subscriptions will be the key profit driver, not device sales:
So for the US / Canada markets, yes the two biggest markets in the world for the Zoleo product, we basically donate the product to the JV, Roadpost make all the money out of the subscriptions and then Beam manage to generate a loss out of the JV entity. Wow, that is shockingly bad!

Maybe, just maybe, once the rest of the world Op profit share starts hitting the JV books will Beam see any sort of return from the JV.

Just goes to show, doesn't matter how good your product is, if you stuff up the corporate structure, the returns won't flow for shareholders. Unless you own Roadpost I guess.

I'm not suggesting shareholders can't generate a return here at some point, but boy has the big opportunity been squandered!