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SMN - Structural Monitoring Systems

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and as Dazmo said , elsewhere

Rich Poutier [was] on the (very long & extensive) list of attendees at the International Society of Transport Aircraft Trading meeting in San Diego on 6-8 March. With FAA approval in his pocket, I assume it was a fantastic networking opportunity!
https://connect.istat.org/Americas/Attendees
 
Not a happy family at all.

Requisition 2022

31 July 2022 Fellow Shareholders of Structural Monitoring Systems, I am writing this letter to you to shed some light on our decision to call a meeting of shareholders a few weeks ago. I feel it is imperative that all shareholders understand both what is currently going on at Structural Monitoring
www.smsrequisition.com

This is still very much on my avoid list.
 
Yep, it has been another case of narrative speculation driving market participants.

Even with the cap raising and increased borrowings they are once again nearly out of cash, losing money faster as the revenue grows - so no scaling effect. Its on life support.
 
Now that the EGM and AGM took place yesterday, what’s next in your view please with SMN? More deception.
 
FAA approval for bulkhead CVM's could happen before mid-year. If so the contracts will follow and SMN under Ross Love will be back on track for good revenue and profit.
 
Its basically trading while insolvent (if you back out the intangibles), desperately needs more cash to survive. Speculators pushing the price up a bit, but unless it can quickly scale up with real FCF generation its in mortal danger. If there is really a marketable product it may be an attractive takeover target for a better capitalised company.

The most serious problem is its not scaling up, increased revenue is not flowing to the bottom line, revenue up 50% but losses up over 30%!
 
access said:
FAA approval expected this month or next. Price has already started to move in expectation.
Click to expand...
Prescient?

.

SMN believes the recent trading in its shares is primarily due to the increased awareness in the market place of SMN and the progress of the commercialisation strategy of our CVMTM technology.

In that context, SMN draws the attention of the ASX to its announcement on 14 March 2023 that it had completed the first installation of our CVMTM sensor kits on Delta’s 737 aircraft at the AAR facility in Oklahoma in the United States.

The installation took place in front of representatives from Delta Airlines, Boeing, the Federal Aviation Administration (FAA) and Anodyne Electrical Manufacturing Corp (AEM) ahead of the FAA’s consideration of the relevant Boeing Service Bulletin.

This installation follows the successful fitting of CVMTM sensor kits in 21 Delta aircraft more than 12 months ago which have shown to have performed extremely well, as expected.

The success of the Delta trial has also enabled the active engagement of Boeing in developing a new service bulletin which has been submitted this month (March) to the FAA for formal certification. Our team at SMS, together with the engineers at Delta and Boeing, worked closely with the FAA in the lead up to that application being submitted in order to take maximum advantage of the existing Wi-Fi antenna certification (refer ASX announcement 7 March 2022) and to expedite the approval process for this new application. We continue to be advised that that approval can be expected in the April-June quarter
this year (refer ASX ann. 28 Feb 2023).

That approval will establish CVMTM as an approved alternative to the current testing regime for all US operators of the relevant aircraft and is expected to be recognised by other regulatory authorities around the world for the same purpose.

SMN also notes that the FAA has this week issued an Airworthiness Directive for all US-based operators of 737s for a one off inspection which affects 1,919 aircraft registered in the US, ranging from the Boeing 737-600, -700, -700C, -800, -900, and -900ER (NextGeneration models), as well as certain 737 MAX-8 and 737 MAX-9s.

Trading halt and Delta demo in early March; The response to ASX query came out 31 March
.... and up, away ever since
 
Thought I had entered this but found it still sitting awaiting to be sent.

Still no announcement from FAA. The hands-on involvement of FAA with SMN, Delta and also Boeing would indicate that approval is just a formality. After so long I can wait.
 
This continues to be a long term play in my SMSF however just missed out on buying more at .65 cents early in June.

It has no competitor and European plane manufactures and US Airforce are the latest showing their interest with FAA approval getting closer.

With approval I am expecting current price of about .80 cents to double when the announcement comes. Should be good dividends in a couple of years.
 
SMN in deep trouble, just about out of cash again, will have to borrow more at very unattractive terms or go to shareholders for more cash. Their only real hope of survival is to actually turn the narrative into a marketable product and turn the cash burn around.
 
Still waiting for Boeing. They have confirmed the extra testing was positive and only required some changes to the Manual.
Have picked up a few more while waiting.
 
The other issue with the business is the lingering claims of mismanagement from the significant shareholder, Drake Management. These have never been addressed directly by the current management team and for me that sort of doubt about business integrity is too big a red flag to ignore.
 
SMN annoucing a 'forecast maiden quarterly profit, but actually give no figures for profit, just EBITDA, so very deceptive on their part. Still sort of interested in this business, but this sort of nonsense is a redflag.

Last FY they made a loss of nearly $3.5m while reporting Bullsh1t earnings of roughly $0, so my guess is they might be about break even for FY24. Impossible to have any conviction though, as they have published no information on real earnings at all.
 
Have picked this as a selection in the Annual Comp. Not sure when FAA approval will come but when it does the price will move.

The AEM Avionics (helicopter radios) and other contract manufacturing sides of the business should have SMN trading profitably over this next year. The CVM side of the business should start to kick in by mid-year with the aircraft industry followed by helicopters, fighter jets then leading into mining and bridges down the track.

Could be a take-over target in a few years.
 
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