It seems you are saying that Solms expressed optimism but stated reality, that things are not going as planned, and that the stature of Wave is slowing things down.
I don't know if a person can be any more frank than that.
I suppose he could just say 'I give up' to more thoroughly display the circumstance, but I question how that would add value. The circumstance was described, that they are not on schedule was described, that they are going to need exceptional execution to get back on schedule was described ... but yes, he maintains the goal to do just that, to have uncommon execution serve to catch-up to the schedule.
It is what leaders are supposed to do, and yet he managed to also communicate some sober truths.
That is the hand he is holding, I thought the CC was fair and balanced ... sure some can ignore the comparatively lengthy cautionary content and hang their hat on 'not backing down', but a simple word count would show that cautionary content outnumbered blue sky content by a couple orders of magnitude.
If I wanted folks to walk away thinking that cfbe "will" happen by ye, I myself would move the ratio of language away from tales of caution a good deal. Nothing in his CC indicated cfbe will happen, but it reamins the target of the organization, regardless of the degree with which that has become increasingly unlikely.
What it would seem a sober investor would hope for would be any substantial deal, indeed a substantial deal observably involving the leverage of a partner. Such a deal would demonstrate a strong relationship between words, actions and outcomes. I suggest investors get over the cfbe thingy.
As another pointed out, Solms didn't move the goalposts, but he DID say they are not as close to the goalposts as they should be at this point in time. They are not on schedule.
eSign bought a little runway, if his re-dedication to leveraging partners shows some fruit, then there is reasonable hope. I would be inclined to think that Wave would use accelerated reporting (Form 8-k) for any deal in excess of around $350k.
Wave has for whatever reason closed business in Dec in the past, it is certainly something that could happen, but IMO investors were definitely cautioned that it very well may not happen, indeed that it may be most appropriate to use the word "unlikely".
On the flip side
1) these partners are the types of folks that his previous experience would suggest he has a good deal of familiarity with, that is a good thing.
2) he seems to be a realist and willing to acknowledge the requirements of partners (e.g. the WYY relationship being resurrected from what looks like a case of unrealistic Spragism.
3) he seems to be wiling to show considerable pricing flexibility, recognizing that Wave's status has consequences
From these facts and his impression of customer feedback on the product itself (not the company), he remains optimistic. They do still have some money, it seems he is willing to swallow medicine (discounts, giving a cut to partners) to get a little more money.
I am of the persuasion that had a similar attitude been in place on the heels of the first SED deals, this would be an entirely different company. As it stands Lenovo directs people to Winmagic for SED management, a massive Sprague fail. Solms seem much more inclined to breath of oxygen than helium, time will tell.
The above content is my opinion.
