@Rocket6 members here (including myself) have written quite a bit here on them over time.

A range of issues including questions on revenue recognition, Founder behaviour issues, problems with CEO hire, then CEO didn't want to relocate, then CEO left abruptly and sued the company, restatement of reports, share price crash, management change, board change, recapitalisation. Plus, never became profitable. In short a complete s***show.

They always seemed to have good tech and were making sales traction. But AV tech is such a competitive space that all the internal noise was a horrible distraction and it remains questionable as to whether there is a business there.

Below is a quick summary of the timeline from my BA (ChatGPT4.0) - looks about right.

As you'll see from historical SM posts, I was once a big fan of this business and held an outsized postion on SM, .... fortunately for me, not so large in RL - but still enough to hurt!

(In RL) I initially started an $AMS position on 20/8/2020 at $0.50, buying all the way up to $1.20. I ended up finally offloading at an average price of about $0.22, finally selling my last shares at $0.185 on 13/9/2022. At the time it felt bad losing almost half my capital ... but with the passage of time, I realise how fortunate I was to bite the bullet and leave. My losses were "only" about 50% because I did do some trading on the volaility when it peaked, chalking up some nice sales at $0.96 and even $1.705 - that must have been an intraday high - but then bought back in on the way down and destroyed my profits!

I sold my final RL shares for $0.185 on 13/9/22 and, to date, $AMS remains my second worst ASX loss in absolute value terms. I have not followed $AMS very closely since then.

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Timeline (By ChatGPT4.0 - events and description looks broadly right to me)

Between 2018 and 2025, Atomos Limited (ASX:AMS) experienced a significant decline in its share price, dropping approximately 99% from its IPO price of A$0.50 in December 2018 to around A$0.005 by May 2025. This dramatic fall was due to a combination of financial underperformance, leadership instability, and strategic missteps.

Key Events Timeline

• December 2018: Atomos listed on the ASX at A$0.50 per share, positioning itself as a provider of video technology products.
• FY2021: The company reported its highest revenue of A$78.6 million and a modest profit of A$4.2 million, marking a peak in its financial performance.
• FY2022: Revenue declined to A$73.3 million, and the company posted a net loss of A$10.4 million, indicating the beginning of financial challenges.
• FY2023: The situation worsened with revenue dropping to A$42.8 million and a substantial net loss of A$61.1 million, reflecting significant operational issues.
• August–September 2022: Former CEO Estelle McGechie filed an employment-related claim against Atomos in the U.S., alleging wrongful termination and other grievances. In response, Atomos filed a counterclaim in the Supreme Court of Victoria, alleging breach of a loan agreement by McGechie. newswires.com.au+3kapitales.com.au+3Listcorp+3
• March 2023: Atomos entered a voluntary trading suspension and initiated a strategic review due to a 50% drop in revenue and an underlying EBITDA loss of approximately A$11 million for the half-year ending December 2022.
• April 2023: The company raised A$16.8 million through a capital raising initiative and implemented cost reductions of about 30% to stabilize operations.
• January 2024: CEO Trevor Elbourne resigned, and co-founder Jeromy Young returned as CEO to lead a recapitalization plan aimed at restructuring the company.
• April 2024: Atomos launched an A$8 million entitlement offer, issuing shares at A$0.02 each, accompanied by free options, to raise additional capital.
• August 2024: Atomos and former CEO Estelle McGechie reached a confidential settlement agreement, resolving all legal disputes in both the U.S. and Australia. Neither party admitted liability, and mutual releases for all claims were granted. newswires.com.au+3kapitales.com.au+3Listcorp+3
• FY2024: Despite efforts to turn around, revenue further declined to A$35.7 million with a net loss of A$22.4 million, indicating ongoing financial difficulties.
• April 2025: The company secured a A$13.7 million debt facility to support its operations, highlighting continued reliance on external financing.
• May 2025: Atomos's share price stabilized at around A$0.005, reflecting a 99% decline from its IPO price, with a market capitalization of approximately A$4.86 million.

The decline in Atomos's share price can be attributed to consistent financial underperformance, leadership changes, and challenges in executing strategic initiatives, leading to diminished investor confidence and market valuation.

Disc: Not held