Who was right about Wave? Answer: Those who saw Wave's future as bleakest.
Of course the resounding answer from die-hard supporters will be the Wave drama is not over yet. Yes, it is. With the passing of Q2 2015 into the record books with no more than the $150K sale announced--Wave all but raised the white flag, IMO.
The new CEO went out on a limb with his stated "goal" of a turnaround in the last half of 2014, with another publicly-announced goal of profitability by the end of 2014, Then he supplemented those statements with comments about deals near closing--and none of these came close to his expectations. Deja vu.
After Q1 2015 resulted in $2.5M in revenue, Q2 was pushed out there as the change agent, when Wave would stop failing and start selling. Sorry to disappoint you yet again, Wave did not start selling--still failing as big as ever.
Those surprised by Wave's current share price in the mid-40-cent range should not be. Wave's record of lousy or missing sales goes back to inception and provides compelling data about the arc of this company--it bends down, down and down--never up--except for the Internet bubble.
Those depending on large-scale govt purchases of Wave's products were just as frustrated as those waiting for large-scale enterprise purchases of Wave's products--neither is happening. The Wave sales holiday continues.
The notorious European trip? All for show and to prevent desperation--despite sparking exactly that when Wave decided to PR that tiny little maintenance renewal sale of $150K for 1 year--just 7 days before the end of the quarter.
Common sense says if that's all Wave had in its bag at a critical time in the company's history, the rest of that bag must be empty.
So now, we just wait for the end. It could come as either the Naz refusing an 180-day extension in the next week; de-listing because of market cap deficiency in the next few weeks; from the third reverse split on the sidelines, or from a last-gasp funding.
Any of those four crises may be enough to pop the thin air bubble keeping Wave above the surface during these trying times with little or no sales. Any of them could well be the coup de grâce for Wave.
So, in retrospect, it appears as if those with the darkest, most pessimistic view of Wave were the ones with the most accurate take on the company.
By contrast, those hoping and so sure Wave would catch fire and take off--have been those most consistently wrong about Wave's future and not coincidentally, those burned worst by the declining share price, lack of sales and reverse splits.
The facts, the balance sheets, the sales dearth, the two reverse splits, repeated de-listing warnings, the continued, but unfulfilled promises of imminent profitability were all proof enough of something seriously wrong inside Wave.
Those who elevated hope over substance and fact, did so at their own peril.
And even at this late moment with Wave in almost total eclipse, there are still a few voices claiming, "it's coming!" and "I still believe in Bill Solms and Wave."
One wonders when reality will finally penetrate? Do the lights have to dim and the curtains close before they realize the show is over?
Blue
