You are on the right track but disagree the Spacetalk watches or app are in decline to be replaced by phone plans.
There is no moat with a phone plan business. The moat is the ecosystem of devices and apps availability across geographical areas and well funded demographics within that geography. The rapid adoption of AI services on the devices and in the apps will see ARR continue to grow imo.
The capital structure inherited from SPA1.0 unfortunately is still holding back the SP. Everything else is in place imo. As SC has said himself, the SP is yet to catch up with SPA2.0.
SPA Price at posting:
15.8¢ Sentiment: Hold Disclosure: Held
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