This may be two different points being covered in that bit. SKS does a poor job of maintaining compartments when he speaks (and perhaps when he thinks).
Wave e.g. has been working on a DoD pilot to conclude in August (timeline, total amount, amount so far earned and so on in each of the last few Q reports). Basically the amount was some 1.5m (1.3?, 1.7?, I cant' remember) and Wave is to get paid for each platform certified through the process. I understand this to be BIOS work, each platform being a particular set of machines with particular BIOS. While Wave gets paid to do this work, all they are doing is certifying platforms for a potential future sales of presumably WEM. Platforms have been certified, WEM has not been purchased at scale, I believe this is the 'check' SKS speaks towards. Wave isn't in the business of slaving over a trial for a year to pull in 1.5m, they are in the business of selling WEM to those platforms for $30+m. SKS is referring to a WEM p.o. as a check, not the platform certification work (which they do get paid for, but not a whole bunch).
On the $5-6m account. It has been variably mentioned in the last couple calls that a deal(s) for $5-6m or $8-10m crashed out 'cause of floods or slow decision making. In the Q2 call it was stated that a Q1 expected thingy is disappointed and is "closing now" ... whatever that means.
I expect this deal to surface this year, and as with BP,once its out there from a CC the chatter from the following is "where'd it go?!?!"
Player says it was a sticky mud play, I'm thinking it is a deal exiting the pipeline in a sticky way.
It does seem that 2 deals for $8-10m has migrated to one deal for $5-6m but these are not the type of things Wave has ever demonstrated anything resembling arithmetic cohesion or competence on.
I think it was that pending deal that made them go the ATM route, they probable thought the deal would close Q1, they'd get a SP bump, they would sell ATM into it, plus the cash from the deal itself, and have all appearances of momentum having come off BP the Q before that and BASF a Q or 2 before that and have a tidy sum in the treasury.
When they filed the ATM I recall saying something to the effect of "they are going all in" as it necessarily from my estimation of their treasury required a deal in the short term less it turn into a bleeder.
Wave's forecasting was true to form, and there be blood.
The above content is my opinion.
