Definitely, that is something that concerned me as well as it seems to be almost a shift in the way they are generating revenue from previously open use with no plan to now a signed subscription based model.
I like keeping an eye out for recurring revenue stocks as many have made great profits, probably the highest % gain and best being Crown Castle International (cell tower provider in the USA), bought back in 2002 when the stock was only $2.30 and it has turned out to be one of my most consistent dividend and retirement long hold stocks.
I spent some time contrasting the security market and found
Alarm.com - $15 up $31.66
Ascent Capital - $25 down $13.50
Allegion - $43 up $76.83
Brinks - $16 up $57.10
Command Sec - $1.15 up $2.46
there were many others but a lot were focused on commercial security and products not related to home systems. It seems like a very competitive market but considering the low offer price this could turn out to be a very good long term hold over next 2-5 years providing they can drive revenue with customer acquisition and services.
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