"Capital-light international expansion" means a couple of things...

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    "Capital-light international expansion" means a couple of things to me:
    • MVNO offering to different markets (12 month exclusive agreement with Elisa / Finland wraps up in June)
    • Using existing Adventurer 2 platform (not investing in a North American specific variant due to the different network frequencies)
    • and / or Adventurer 3 being a worldwide compatible watch in development
 
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