| Look at their 2017 Investor Fact Sheet. They are now profitable |
$4.43mln from voice & data services (31% of Revenues see chart) subscription revenues and growing.
Now w/ reverse stock split only 21mln shares out (as of 7/2017).
Some of the key metrics from 2016
Not burning cash any longer
Subscription Revenues per share is $0.21/share and now growing.
Market cap now around $41.3mln and 80 subscribers (may include several planes/fleet) that equates to $517K cost per subscriber
Those 80 subscribers generate currently $4.43mln in annual subscription revenues.
$4.43mln x 10 year subscription (maybe better to use life of aircraft) = $44.3mln 10 year revenue stream
Therefore if a company (ie Lockheed, Boeing and/or Honeywell) wanted to just buy that subscriber revenue stream it would only cost 11.6x ($44.3mln/$517K) and the subscriber base is growing and generating a profit.
From a value side investor, even at a 30% premium they would only pay 15x the 10 subscriber revenue stream. Still a bargain IMO.
Let's see what the full 2017 year brings.