Research update


Anoto: Towards the 1 000 000 000 000 000 000 000 000 000 000 units

The burn rate was SEK -37 million (excl. working capital) in Q4 but is decreasing as the employees at the end of Q1’17 now approaches 55 compared to about 180 in Q2’16. Anoto looks to streamline the business into a profitable (but substantially smaller) base consisting of Pen Gen, Livescribe and forms.

Anoto DNA revenue should be seen as icing on the cake. Incumbents like Digimarc have first mover advantages but we assume Anoto will target a niche segment need of fully invisible and unique patterns.

Addressing the fast growing pattern market seems logic but we lack necessary insights regarding the competitiveness. The first Anoto DNA order will be important in this sense and is thus a key catalyst.

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