IOC, I will defer on this to anybody with real knowledge,
and regret my response to BD was little more than sarcasm dripping with cynicism.
It would seem from the definition you cite and the use of present "... which is manned by an adequately ..." then it does surely seem that IOC is not IOtoProcure, but that since it is manned it has been procured.
In the guidance from Wave (using the term loosely) they seem to expect their gov/mil opportunity to materialize 2013 and it was tagged with $30-50m on occasion.
That lines up with alea's 1m seats statement although I do not know the basis of alea's 1m seats (or 500k seats at twice the price or whatever).
I know nothing of the lag from P.O. to IOC for anything, much less this technology.
If one sanitizes away as much as possible the woven-in obfuscating Lee-speak, it seems one can extract what appears to be a somewhat consistent thread.
Dec of last year supposedly saw WEM pilot deployments. Quarterly reports reveal services contracts with mil that consistently pointed to Aug 2012 as the completion date. Portions of the revs for that contract have been previously recognized, and the Q3 report should better inform the nature of the conclusion of those efforts.
Those on the whisperwire have been pointing to those pilots, the Q reports back up those pilots, and lee speak speaks towards those pilots. The contract price ws $1.7m as memory serves. This is separate from the ArmySole DRS SED thingy from Feb.
Using BP as a model it seems Wave P.O.s/get paid on delivery. BP was in all sorts of various stages of being installed and the 8k didn't show up until it was delivered/installed.
It seems it was likely a work order (install your stuff) and then a purchase order (the stuff is installed). So I expect Wave to be installing whatever they hope to sell in Q1, and to not see an 8k-like event until it is actually IOC (again, that is how BP appears to have played out).
BP was essentially a done deal before the 8k, even spoken to at one stage that way, but if mil follows the BP path, I believe the road map is for Wave to install around a million seats, under a timeline to achieve that by May2013, and to bill/get paid then (with some services sub-8k revs in Q1).
This, to me, puts a lot of pressure on the private enterprise segment of their business, the results from which so far are disappointing.
While they make crazy b.e. statements, their filings said they need $5m to go 12 months to end Q2.
So far, their filings are proving much more reliable than anything else. $5m still requires some private enterprise sales.
The above content is my opinion.
