Wave Systems Corp. (fka WAVXQ)

[rachelelise]

WAVX

From my perspective, there aren't sufficient deals closed now to achieve breakeven by year end. With the deals in hand and the forecasts by their current partners (and assuming a small but not zero upgrade revenue) break even will occur by mid 2007.

Anything before then depends on deals closing, extra mini bundling deals and products sold. There is clearly more than sufficient opportunity for that to happen (perhaps even quickly) but so far past experience is that it takes forever. Since it hasn't happened yet (and its been possible for at least some time), there is no empirical data to do any extrapolation. (unless you look to other technology introductions but that certainly isn't refined enough to fine tune in months).

I think any probing will lead to some disappointment until we see that something material happened and then the whole picture and perception will change completely. And until it does, the risks and uncertainty can remain.