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@EnoviceR @JonahLupton @mchaudhry82 @Nick_HuynhMPLS @InvestorWisdom @MarketChmln @thetradejourney @GetBenchmarkCo @antoniovelardo_ @saxena_puru
@EnoviceR @JonahLupton @mchaudhry82 @Nick_HuynhMPLS @InvestorWisdom @MarketChmln @thetradejourney @GetBenchmarkCo @antoniovelardo_ @saxena_puru
Company is a pure-play on haptic technology
It sells its IP to four main segments:Mobile (accounts for 70% of their revenue)
Gaming
Automobile
Adult Entertainment
All of these segments are projected to have large TAM by 2023
The recent catalyst for the firm has been the #PS5 
controller, which has been applauded by the customer for its immersive experience via haptics and adaptive triggersCheck the video below to see what we mean
https://www.youtube.com/results?search_query=Ps5+controller+guns
PS4 cumulative Sales since launch has been 110+ Million, we can expect the sales of PS5 to be similar in the next 6 years.A customer would buy more than one controller. 1) Replacement after wear and tear, 2, controller breaking down 3) To play multiplayer games with friends
The company has amazing optionality. Optionality is a future stream of returns that is unknowable or difficult to decode for the market at the current stage.Nice framework by ShawspringPatners to understand this @DennisHong17
Possible sources of optionality
Controller Adopted by PC gamers
Microsoft can adopt this for XBOX – Head already Interested!
$TSLA using haptic for its steering wheel
5G Mobile Replacement Cycle
AR/VR Gaming – Oculus/PSVR 2 – They have IP
Controller Adopted by PC gamersMicrosoft can adopt this for XBOX – Head already Interested! $TSLA using haptic for its steering wheel5G Mobile Replacement CycleAR/VR Gaming – Oculus/PSVR 2 – They have IP
Investment Thesis
The company drastically lowering OpEx from to $17-19M a year
99.5% gross margin with low OpEx – tremendous operating leverage
PS5 bonanza and optionality
Recovery in automotive and mobile industry post-COVID
Continued
The company drastically lowering OpEx from to $17-19M a year 99.5% gross margin with low OpEx – tremendous operating leveragePS5 bonanza and optionalityRecovery in automotive and mobile industry post-COVIDContinued
In 2020 the company spent $30.6M to buy back 4.9M shares. This can be repeated due to improved operating leverage (see chart)
Under the radar vs other hype stocksIncreasing shift to recurring revenue model – example Royalty (per unit)
Risks
Insider Selling
Mobile 74% of revenues. The industry is Saturated. Growth is coming from China, which they don't cater as such
Continued
Insider SellingMobile 74% of revenues. The industry is Saturated. Growth is coming from China, which they don't cater as suchContinued
Haptic can also be internally developed and easily replicated
In the past, IP development didn’t translate into revenue growth/paying customers. 
What happens when fixed contracts with Apple/Nintendo/Sony expires?
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