The stock has remained volatile after the earnings. The volumes were particularly high a few days ago when the stock fell sharply from around $1.93 to $1.67. It has recovered a bit, but the rallies are not so believable anymore. The earnings were nothing great, though the management continued to show optimism about the future. Net loss from continuing operations increased substantially on a yoy basis, though sequentially, there was a decline the fourth quarter loss. Importantly, the loss from continuing operations in the full fiscal 2013 was $39.6 million compared to $8.1 million in the full year 2012. Stock based compensation comprised $7.7 million of this loss. As per the CEO, "This past quarter we continued to build on our licensing efforts and have made significant progress in expanding the number of discussions underway. In addition, at the end of June we executed a capital raise and in July we completed the transformation of our board of directors, both intended to support our long term IP strategy. With these changes in place, we believe we have fully transitioned the company to a licensing business." So the liquidity position is better, which gives more options to the management to execute its long term strategies. The offer price was also not too much below the current levels. However, there has been no concrete guidance on when the licensing strategy will lead to a sustained stream of revenues for the company. Licensing is a preferred mode of monetizing patents, and recently Marathon Patent Group (MARA) began to realize substantial revenues related to its IPR portfolio. For Unwired, the weakness seems to be setting in, and there is increased selling pressure whenever the stock rises. There needs to be visible improvement in the financial performance soon otherwise the stock may go even lower from current levels.
