blue, I agree, from those three the ongoing revs is not much, perhaps a significant percentage of Wave's paltry revs (which is sad), the probelm being the lack of additional large accounts.
Any fool knows (I hope) that maintenece is a cash king, assuming one has a signficant number of accounts. Wave sells maintenance at more or less industry standard rates of around 20% of original license per year.
IF their been the (why wasn't there) additional large contracts
THEN nobody would be laughing about maintenance.
There are plenty of billion dollar companies for which maintenance is the lions share of their revs ... at 20% of original license. That model, at least, is well established.
So Wave:
1. got a bundling lifeline from Dell
2. got a big hit with GM, and did the job well enough for GM to double down and make a decent commitment
3. appeared to have momentum with follow on of BASF and BP ... and then they stalled.
I believe part of their stalling was lack of focus, and part of it was serendipity, the products is just plan hard to sell as packaged. I don't know if that has changed (ERAS and TDM)
PwC is a separate matter, PwC is the case study in how far SKS' head was in the clouds.
PwC saw VSC capability in Wave's CSP, licensed it for pretty cheap (it being all of clunky etc, but bought it anyways, and for what sounded like dollars but not 10s of dollars a seat) and used it to leverage TPMs for credentials. SKS simply didn't hear or see ... here was a customer willing to take a half-baked thing and make it work because it was plain valuable warts and all. YEARS later Solms come on board, wets his pants and says 'wholly barf bags, clean that thing up and sell it, people want that thing'.
The stumble (thoroughly considered here) appears to be the intersection of scalability/COS issues, head in the clouds, educating as opposed to listening, and just not giving a darn as compensation was large and guaranteed and the real goal was a place in history - not a successful company. So now the goons seek their place in history securing block chains of information underpinning a digital currency. Any fool can see that bitcoin is more likely to gain a fat wikipedia entry with room for SKS to be named and flaunt, and that is his goal (and GG e.g.).
IF one largely accepts that thesis
THEN the outstanding item to serve as proof of thesis is substantial sales of VSC - serving essenitally as the 'killer app' of TC from a Wave perspective.
And so, for me, that's about it. Can they move a reasonable amount of VSC in a reasonable time frame.
Management described a time frame, about 29% of which has elapsed.
Regarding the launch thingy, as of tomorrow I will be 67% wrong in guessing how it would play out.
The above content is my opinion.
