Member Info for Andii

There's no water in Gazelle where as there was 6% in heron 1

Gazelle is flowing more with smaller choke position

Are they proceeding more cautiously with Gazelle in an attempt to not over-do it and casue the well to clown down?

The tax issue is with PeteoChina, not the Mongolian government. MATD have up to £20m of losses to offset against profits dont forget :)

The TAM also includes the UK and Scandinavia where the growth is slower due to smaller insurance premiums, also the TAM will include all households covered by the insurance comapnies in the USA in all states, but Ondo are only established in 19 states.

Mandatory leakbots and expanding into more states should accelerate that manufacturing figure

They are aiming for a gross margin above 50% so they only need to double their revenue to have the same profits as Watr. Should be easy enough with USA paying the highest margins and growing at 800% yoy.

https://x.com/AndrewMathieso3/status/1972978036804043030?t=u9yips-LTPewifuni7vkFQ&s=19

So crrently there are 14 million customers covered by all the insurance partners

Only 185,000 leakbots installed

The CEO is aiming to have a 25 penetration in the next few years which would mean 3.5 million customers

Each customer (paid for by the insurance company) pays ONDO $60 per year subscription which has an 80% profit margin in year 2

3.5m x $60 x 80%, will let you do the maths!

25% penetration discussed from 12 minutes

https://youtu.be/zNsdAHIf7RM?si=cYJAcfBFZvzWDeve

How could this be achieved? Certain insurers are talking about making leakbot installation mandatory

Here is a snapshot of installed leakbots

Mar-20 ~10,000

Sep-20 ~15,000

Mar-21 ~22,000

Aug-21 ~30,000

Mar-22 ~40,000

Aug-22 ~50,000

Mar-23 69,793

Sep-23 ~80,000

Mar-24 95,000

Jul-24 111,000

Mar-25 150,000

Sep-25 185,000

Currently growing at 3.8% monthly compounded

56.4% annulised

As of September, 5,830 new leakbots were being installed per month

There is manufacturing capacity of 40,000 per month so hopefully we get an announcement of a large ramp-up from an insurer or two soon

Buying available through the following brokers

IG

LLOYDS

HALIFAX

IWEB

REDMAYNE BENTLY

INVESTEC

HSBC

Potentially also We-bull from the 9th of october

IG spreadbet not available

Haven't tried spread-Ex yet

Thoughts on ONDO anyone? Their revenue grew by 43% last year and 69% the year before compared to 10% and 10% for WATR. Talk of becoming Ebitda positive in 6 months and 800% YoY sales growth in the USA in the last presentation

Few 500k chunks too. Maybe an institution loading (or re-loading)??

Is this a very new thing that ii are doing? Will it allow buying of TIR again if the customer passes the test?

Https://www.youtube.com/watch?v=Hc1e855k_sQ. A great listen. #ASTR ticks TAO and Bittensor boxes. Currently trading near cash value with a MNAV below 0.6. June was at 0.8p at all time low at 0.0975, awaiting news flow.

6 months out of date now, but here is a document on the bittensor network

https://drive.google.com/file/d/1JDDxJGkwFhf5BOkkNnKojIMJ7RDaEj3G/view?usp=drivesdk

Tiger own two subnets out of the capped 128

Ah my mistake, I meant to post on SATS threat. Sorry!

Conclusion;

TAO strategies singapore appear to be a developer and validator owner. Tiger took an equity subscription in TAO strategies in order for them to build out subnodes (each subnet has 256 subnodes made up of miners and validators). validators receive 41% of a subnets emissions, miners receive 41% and the owners receive 18%

TAO Alpha (now called satsuma) were brought on to help "Tao Alpha will provide the subset infrastructure in return for 20% of the revenue"

Is this a typo? Do they mean subnet infastructure?

Could TAO strategies singapore be part of Satsuma?

Whatever is going on, it looks like Tiger are earning more than just their 14% ownership of the subnet. Seems like they own (or are getting revenue from) validators and miners, which have been set up and managed by TAO strategies singapore and Satsuma.

Would be great if we could get a quarterly operational update as we are now into Q4

A mechanism to ask management questions would be nice too. There is currently no forum for this whatsoever.

RNS 9th May

As a cornerstone investor, Tiger has signed a Letter of Intent ("LOI") to invest £250,000 in Tao Strategies, a dedicated operator of miner and validator nodes and subnodes on the Bittensor network .

£250,000 Initial Commitment: The LOI provides an immediate injection of capital to accelerate Tao Strategies', subnode deployment and research and development on cutting-edge AI models.

14th May

The £250,000 investment secures an equity position in Tao Strategies, with the funds tobe used to scale Tao Strategies' operations with additional subnodes and advanced AI model development. With this investment complete, Tiger has created a foundation for its wider TAO Strategy within the Bittensor ecosystem, which currently maintains a market capitalisation of c.USD$3.3 billion, with a daily turnover of often over USD$100 million.

Jonathan Bixby, Chief Executive Officer of Tiger, commented: "The successful completion of this strategic investment in Tao Strategies marks another significant milestone for Tiger as we execute on our vision to build a diversified portfolio across the Bittensor landscape, and position Tiger at the forefront of the democratisation of intelligence."

Olivia Edwards, Founder of Tao Strategies Singapore, added: "With Tiger's investment now complete, we can accelerate the deployment of our validator node operations and strengthen our position in the Bittensor network.

RNS 18th June

"The Company is also pleased to announce a partnership with Tao Alpha PLC ("Tao Alpha") (**NOW CALLED SATSUMA**) (TAO.L) where Tao Alpha is using its extensive development skills to manage and accelerate the revenue potential of the Tiger subnet. Under the contract Tao Alpha will provide the subset infrastructure in return for 20% of the revenue.

Jonathan Bixby, Chief Executive Officer of Tiger commented: "Following our announcement of successfully buying a Bittensor Subnet, I am extremely excited to announce to the market the revenue traction of the subnet in only four weeks of operations. Controlling the Tiger Subnet lets us capture scalable protocol fees, earn TAO rewards and steer compute power toward high-value AI services. I look forward to updating the market as the Tiger Subnet grows over time"

Nope. I just like the fact that we are expanding in the US. And tech stocks in the US are worth 10x what they are worth in the UK. And the average US investor will be able to invest in leakbot from the 9th of october

Hi Andrew,

I am reaching out with regards to your query concerning UK stocks.

You can apply for early access to trade UK stocks and subscribe to Webull Meridian at the link below.

Once you are whitelisted you will be notified.

Alternatively it will be available to all clients from 9 October.

Sincerely,

Elliot

Webull eService Representative

https://webulluk.onelink.me/sz69/ri3n9t0n

US investors can now buy ONDO using the webull trading platform

https://www.webull-uk.com/help/category/187 - UK Stocks

They lost the ability to buy with ii and AJ Bell over at ALRT. Didnt stop the share going up 500% in a month

https://www.lse.co.uk/ShareChat.html?ShareTicker=ALRT&share=Defence-Holding&thread=C2D1D10D-07D5-467D-AD71-A42547C5C2F4

We still have institutions on the share register, over 30%. If institutions want to buy, they won't be using ii or HL now will they =) Thats probably all that matters to Jonathan Bixby

Can investors buy shares if they want? Yes

Can investors sell shara if they want? Yes

Can institutions buy if they want? Yes

Have all regulatory requirements with the nomad been met? Yes

Hard to say. As of 30th june Tiger held 170 TAO. The average daily TAO for June was maybe 8TAO, which would suggest either

1. Tiger have been earning 80% of the subnets total TAO emissions

2. Tiger are only earning the 18% owner (minus a further 20% paid to Satsuma so just over 14%) of the subnet emissions but have separately bought some TAO to hold/invest in the subnet(s)

If it's 1. Then we are making around 20 TAO per day (x80% = 16TAO x $300/TAO = $4800/day or $1.7m a year

If it's 2. Then we are making 20 TAO per day x 14% = $840/day or $306k a year

The truth could be between 1 and 2 depending on what % of miners and validators Tiger own (or have the rights to 80% of the revenue from If they are operated by satsuma),

There is discontent on discord regarding miners not receiving revenue correctly. This is a very common issue the subnets face during the development phase and usually gets sorted out. Until then it is a process of trial and error, development then gaining the trust of 3rd party miners and validators encouraging them to actively work for the subnet.

Unfortunately development at 107 doesn't appear to be happening very frequently as evidenced by the lack of updates to the github repository

https://github.com/tigerinvests-com/sn107-alpha

https://taostats.io/subnets/107/chart

Correct. And to be applauded. I just wanted to probe further as the statement "EBITDA positive by end FY 2026" (march 2026) doesn't explicitly reassure investors that there will not be a cash shortfall. But knowing we already have £3m cash and extra warrant cash coming in (albeit only another £1m from warrants), then the picture is a lot more bullish IMO that there is extra room to maneuver between now and becoming profitable

https://x.com/AndrewMathieso3/status/1972978036804043030?t=pMIOrITou_q6187Kz0XaxQ&s=19

Interesting discussions on telegram this AM on warrants and cash situation into break even/Profitable

My queation;

"So we will be ebitda positive end of march, and still have surplus cash from warrants hence no need for any future cash raises medium term?"

Kris reply;

"So right now Ondo has in round numbers 3mln in cash and 6mln in debt. They are burning cash every month, but every month less and less as "every day" there is a Leakbot somewhere entering its 2nd year. Someday, let's say in March there will be a tipping point when we are going to have so many 2y LBs that it will cover SG&A costs. The question is if current cash pile is enough to get to the tipping point - if yes, cash from warrants will be surplus and directed to debt payment, if not then it will be used in operations. IF it would not be enough (and mgmt assured many times it will be enough) then I think they would easily arrange bridge financing via debt or agree with current creditor to PIK instead of cash interest. No need for equity issuance at all."