xpoint, revenues vs burn:
I would not run the company this way. At this point, I would imagine the players entering the field to still be few and far between.
If Wave is ramping as you state, their product importance would warrant development costs for OEMs since they all want specifically developed solutions for their brands. Unlike McAfee or Symantec, which will develop a product that will work on any platform without any special development, Wave is specific to each platform.
In other words, Wave should be charging the OEM a development fee to get this done. Our company does this. We charge per month or per quarter depending on who we have to hire, or pull away from existing R&D projects to get certain things done.
There are BIOS, OEM logo and third-party conditions to be satisfied here, as well as individual hardware issues per OEM and OEM-product design. This benefits the OEM. Paying Wave to do this work for them will result in less $ than going elsewhere for free. Lost time to market, lost sales and poor product development will cost them more in the long run. Wave has a suite that works well, is well tested, and more robust than anyone else can develop in the near term. A professional sales team should be able to sell this to the majority of OEM-level management if security is, indeed, becoming more and more important going forward.
So the ramp up should reflect a correlation between BE and expenses keeping expenses at or slightly below BE going forward.
At some point in time SKS needs to start placing a value on working with Wave, instead of just "hey, we'll do it for you no problem." When will that be? When sales are ramping up and Wave can stand on their own two feet finally.
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