Wave Systems Corp. (fka WAVXQ)

[xxxxcslewis]

Yesterday's public interview reinforces my anecdotal research and analysis for Q3 revenue of $6M.

My range of revenue for Q3 is now $5.7M to $6.3M.

Bundling volume 4.7M to 5.0M units.
SED volume 30K to 40K units, 100% over Q2.
Upgrades 12.5K to 18.5K seats, also 100% over Q2.

Other revenue is a wild card and I am using $500K, though recent history is over $600K and consists of chip royalties, possible development contracts, esign revenue, etc.

Pending further information and extending current trends, which will not be reinforced until Q3 results are released, my model is currently forecasting $7.25M for Q4.

Revenue is defined as "net billings".

I may be wrong and all constructive criticism is appreciated.