ACESS2020 thanks for your time and sharing your detailed...

ACESS2020 thanks for your time and sharing your detailed analysis on Beam.

It would be good to get a better understanding of the JV costs which are deducted from revenue to get to operating profit.

If we assume 15,000 users are added into the Beam Territories. This would give us say

Revenue $5.2m
Operating Costs ($3.6m)
Operating Profit $1.6M
Operating margin 30%

A key question is what are these operating costs variable or more semi variable?. This could positively impact the operating margin as more users are added.

I assume that this includes :
1) A fee to Iridium for the use of their satellite connection... Is this based on messages, a monthly fee or data volume ?
2) Sales and Marketing Costs ?
3) IT and billing costs
4) Some shared overheads ?

This is an area which is opaque in the financials

I'm happy to continue to be a shareholder. I think we will be in for some interesting times over the next few years.

ps I like small high growth businesses which are to small for mainstream analysts to follow.