title, wave capitalizing
well, to the extent that the market became capitalized they did. In the last three years Wave has reported about $88m in revenue from the "TPM market" and the "market for SEDs" (yes, there is some Safend in there). Certainly they did not capitalize profitably, and FWIW most of their revenue is from bundling.
As it appears any nearer term Samsung revenue would be bundling as well, one can reasonably presume (well, that is if Wave and Samsung actually have a deal, that that deal actually involves bundling, and that Samsung actually ships anything bundled) that Wave will at least capitalize on the mobile market in a manner at least equal to their capitalization of the PC market. That is, one can reasonably presume that they will pull in some millions from Samsung (the leading mobile maker) just as they did from Dell (a leading PC maker).
Whether that similarly fizzles into the abyss of sustainable unprofitability remains to be seen.
There is no question that when this management (word used loosely in this sense) runs into some money they start chucking out the window as fast as they can. They call it investing in the future, and some of it is clearly investing in the future. And some of it is to pay staff to do nothing (not that said staff doesn't try, they just don't succeed). They cannot discriminate between investment and a toilet, and are either unwilling or unable to address that shortcoming through the employment of somebody who can tell the difference between using money and burning money.
The above content is my opinion.