It has been a brutal 4 months for ADT. They first expected to IPO at ~$18. They IPOed at $14, dropping immediately to $12.39 And now, not even 4 months later, the stock is at just $7 per share. Big picture, they went from an expected market v...
By John Honovich - 10 days ago
For ISC West 2018, Milestone released ... their financials, touting "strong revenue growth in 2017". However, there were discrepancies with the 2016 report and the announcement only had a summary. Inside, based on speaking with Milestone and ob...
By John Honovich - about 1 month ago
On March 22, 2018, the US issued a Presidential Memorandum on the Actions by the United States Related to the Section 301 Investigation, with 3 directives: A consideration to increase tariffs on goods from the PRC (China) Pursue dispute sett...
By John Honovich - 2 months ago
The last annual Avigilon financials are here. With the imminent Motorola acquisition completion, Avigilon will cease to be an independent publicly traded company. But Avigilon's tactics to get acquired has significantly impacted both their finan...
By John Honovich - 3 months ago
Arlo, the wireless IP camera offering that Netgear bought ~5 years ago for a few tens of millions is now doing more revenue than Avigilon and likely will get a higher market valuation than Axis' $3+ billion USD. Sounds crazy to those in the pro...
By John Honovich - 4 months ago
Investment bank Imperial Capital holds an annual Security Investor Conference where 60+ companies present, including this year: IPVM bought a ticket and attended the 2017 event. In this note, we review the key themes of the event, what investo...
By Brian Karas - 6 months ago
Honeywell has announced it will spin off ADI and its Home products division into a new public company. This is a big move for the mega-security distributor ADI, whose power at promoting products is a significant industry force. In this note, we ...
By John Honovich - 8 months ago
Knightscope's H1 2017 financials are out, in the midst of their ongoing crowd funding approaching $17 million. In this note, we analyze Knightscope's H1 2017 financials, include revenue and unit growth, expenses increases, accounting issues and a...
By John Honovich - 8 months ago
FLIR's security division is an ambitious mix of FLIR's core thermal business plus multiple acquisitions, including of retail / consumer offering Lorex, enterprise DVTel and camera startup ISD. Right now, it is struggling. In this note, we examin...
By Brian Karas - 10 months ago
Falling video prices are such a concern that it has become a notable topic for Anixter's financial results and Anixter's executives. In this note, we examine Anixter's executives comments and what this means for the video surveillance market.
By John Honovich - 10 months ago
Hikvision's stock, on the China Shenzhen stock exchange, has more than doubled in the past year, vaulting the company's worth to an astounding (for the video surveillance industry) $44 billion USD (~300 billion RMB). Inside this note, we examine ...
By John Honovich - 11 months ago
This report contains data on the revenue of 32 security manufacturers, trend analysis of whether they are gaining or losing ground and commentary on each included. The following chart previews the data in this report: Revenue data can be used...
By IPVM Team - 12 months ago
Avigilon had previously been known for big spending, hiring a large sales force and throwing lavish partner parties at tradeshows like ISC West. Now, the company says they are going to focus on profitability first. In this report we analyze Avigi...
By Brian Karas - about 1 year ago
With acquisitions of Lorex, DVTel and ISD, adding to their core thermal offerings, FLIR has been building up its presence in the security / video surveillance market. In this report, we examine FLIR's security revenue, their financial trends over...
By Brian Karas - over 1 year ago
Hikvision alleges that they receive no subsidies but their own financial records show $189 million of subsidies in 2015. Hikvision 'overseas' has run a marketing campaign to counter critical coverage of their company. In a trade magazine intervie...
By John Honovich - over 1 year ago
Despite Avigilon's stock price collapse, management turnover, decelerating growth and net losses, Avigilon CEO shows that he is optimistic as ever. In this report, we examine Avigilon's CEO outlook and why the focus on top line revenue growth has...
By John Honovich - over 1 year ago
Avigilon's stock went down 25% the day after it announced earnings. The stock had already been down by more than 60% from its peak. The market is very unhappy with Avigilon's performance, and it has to do squarely with Avigilon's quiet slashing ...
By John Honovich - almost 2 years ago
No money to be made in distribution? The race to the bottom is destroying profits? Well, not for Hikvision's largest European distributor, DVS. In this report, we review their financials, contrasting them to Tri-Ed, Ingram and Norbain to show ...
By John Honovich - almost 2 years ago
Dahua's profits are up 100%+, defying common sense and industry trends. We hired a China economics expert to investigate the source of those profits to better understand what is truly driving the world's second largest video surveillance manufact...
By John Honovich - almost 2 years ago
Hikvision has $1.5 billion, at least, to spend internationally. Now, they have done their first Western acquisition, acquiring UK alarm manufacturer Pyronix. In this note, we review Pyronix's financials, their market position and the potential i...
By John Honovich - about 2 years ago
Pelco's 2007 acquisition for $1.5 billion USD remains one of the largest video surveillance deals ever, even including the industry's recent wave of buyouts. But the deal, nearly a decade later, has not worked out well. Now, Pelco has a new CEO ...
By John Honovich - about 2 years ago
Just a year ago, Hikvision was an unstoppable force, growing at an astounding 60% rate. Now, after a weak Q4 2015, Q1 2016 was even worse. In this note, we examine Hikvision's financials, looking at what is driving this.
By John Honovich - about 2 years ago
2015 was brutal for Avigilon. Most of the management team was ousted or quit, culminated by the 'retirement' of their leader / COO. The stock price, sales growth and profits all declined. But the end of 2015 provides hope for Avigilon. In this n...
By John Honovich - about 2 years ago
Growth hit a record low, with sales expenses continuing to surge yet minimal increases in R&D. The first financials after the death of the Schmode era and 3 executive departures (including the SVP of sales and VP of marketing) shows declining...
By John Honovich - over 2 years ago
Though ASIS is supposed to be dedicated to security professionals, their main customer base and revenue source ($10+ million) is manufacturers. Manufacturers each pay tens to hundreds of thousands for booths plus around a million to sponsor vario...
By John Honovich - over 2 years ago
