if you include dilution you don't get a measure of net operating cash flow.
this quarter, $5m or so was received via share sales. but that isn't an operating cash inflow (unless you say that wave's business is paper sales!) and it isn't useful in projecting a burn rate.
in my view, the fairest estimate of wave's outflows is around $4m/quarter.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.