Likewise, if Sphere's stock performance was heading back up, there would be little need to read the daily praising of the stock.
But we all know the company's performance or lack thereof holds a lot more sway than the opinions of facts shared here.
To your point...
Sphere isn't selling vapourware---Glassware is simply a niche product. It definitely isn't the "revolutionary" product that attracted most of the longs to the stock years ago. There is no debating this. Based on what we've learned, Glassware appears to have limitations, if not severe. It explains:
1. No traction in education. We know for a fact management launched this initiative with a pricing plan in place
2. No GW traction with Dell drive, Atos, Overland resellers, Ericsson, etc
3. No reviews by independent entities.
4. Michael Keen's dire comments
5. PB completely avoiding ZDnet
6. Glassware still categorized with storage, intentionally to hide GW sales
Let's not forget the most current PR. We know quite certainly there is NO Traction with Glassware as of a FEW DAYS days ago. This is despite the Microsoft (reseller) azure deal from Months ago. How so?
First, Sphere intentionally lumped the 300 installs between Glassware and Snapcloid. They obviously wanted to hide the small number of GW installs. If sales were going well management would have SURELY bragged in the PR by separating GW from Snapcloud.
Second, Management sources one customer of Snapcloud. snapcloud?!Raise your hand if you bought Sphere for Overland's Snapcloud. It's a me-too product that is low Margin storage (Storage itself is a dinosaur business).
Which leads to the Q4 call. I'm pretty sure it's going to be a bad one (I will be surprised if management fields any unscripted questions afterward).
The PR gave it away. The social media buzz is going berserk as of late as I'm sure some insiders (who may have skirted SEC reporting) are looking to dump their unrestricted .05 shares on the market before the potentially bad Q4.
Snapcloud isn't going to bring Sphere cash flow positive. I hate to say it, but as a former long (check my post history), this is really looking like a P&D here.
82% borrow rate with no shares to short. For those that understand the ramifications, for somebody to pay 82%, they have to be awfully confident they can ride a 1.30 stock to BK. Let's not forget, Anson saved long's rears with the last funding.
I'm curious, Has a true emerging tech company ever done a funding with a HF after the HF potentially shorted it so Heavily, and for so long?
Again, simply relying on what the company says will not change the facts developing on the ground.
AI
