I covered my AIM thesis in this video with Mark Tobin at Coffee Microcaps:https://youtu.be/RtVN9C4VgEg?si=TeN2Yg31vueUCebx
But I'd be remiss not to call out the brilliant @mushroompandafor bringing AIM to my attention so I recommend reading his Straws. Like most of the market, I was asleep to the transition from a human based Services business to an infrastructure led Technology one until he pointed it out. On top of the transitioning business model, the financials are also muddied by an elevated amortisation bill from previous acquisitions. As @mushroompandapoints out, on a cash basis the business is already profitable and scaling very nicely.
Over the medium to longer term the key for AIM is to capture the growing pie of live captioning, not just convert their existing customers to higher margin Technology solutions. Given the cost of a human stenographer many uses cases were prohibitive and customers were generally those legislated to provide captioning for accessibility purposes. However with automated captioning now overtaking humans in quality at ~10% of the cost, it is opening up use cases away from traditional live television broadcast such as conferences, large events, places of worship, courts/tribunals and large enterprise meetings.
