I read the cc transcript. Here are some thoughts:
*) The new CEO has underestimated the time and effort associated with everything. The Bell Id thing was a true red flag. It did matter.
*) The numbers stink, especially billings.
*) Samsung continues to be a big, fat nothing. I hope those who used the line about a 15-year "agreement" between "little ole Wave and a gorilla" learned their lesson. It is simply a pricing sheet, no more, no less.
*) The issue of partnering to help alleviate the financial condition issue can take several forms. The company is probably finding it hard to be put on approved vendors lists that many large companies keep due to the financial issues. Partnering would mean that a company already on the list agrees to re-sell or support Wave's products. This is just one strategy but it also involves contractual and support obligations on the partner. Even if it wasn't at that level, the issue over the financial conditions can easily remove the company from consideration or, at the very least, delay deals by several weeks or months.
*) The "pilot" discrepancy in the early part of the cc seems to be a gray area. However, when looking at the whole cc transcript, the pilots are also discussed later in a tone that seems to be closer to what we thought they were. The pilots in the early part of the cc seem to be something different but it isn't clear. Referencing 2016 for pilots is just plain silly since those aren't pilots; they are sandbox projects. But, it seems the company doesn't have a good handle on the VSC pilots either and I would question whether those are associated with qualified opportunities.
Execution sucks so far. I am concerned that the new CEO is too used to the support structure of a large company and hadn't thought about the issues of selling the products of an unknown, small company. As usual, shareholders pay the price.
