I agree except the original timeline on growing revenues has slipped out two years (see chart at MTRN board).
Overall, sales/revenues have not developed to schedule whether generated by LQMT or MTRN.
Again, second sourcing for large customer prospects (defense, medical, automotive, etc.) was an issue this year in building a larger customer base.
The mention of 2H2014 for "comprehensive licenses" (may or may not relate to second sourcing since it VPC was mentioned in the same sentence) is much later than when the company needs new revenues (from licenses) as Steipp said that there will be more information forthcoming 2H2014.
Now that we read that ASHM are not necessarily held for attendance by shareholders, and given the communicated timelines and slip in schedule of the planned "revenue ramp" by two years, and a potential contract or revenue 4Q2013, 1Q2014, but not enough to fund operations in 2014, more financing is imminent (potentially dilutive).
If MTRN wanted to merge with LQMT (through a stock swap) and secured a larger stake in LQMT, they might have more say in how LQMT is managed (implied to be good if they want to grow their investment).
It seems to me like LQMT doesn't mind dilutive financing (for years), and might even prefer it, and is in no rush to change things, needs MTRN's customer base, and MTRN may look forward to future business from AAPL, and that the reality of the situation is just slow.
If a merger with MTRN solves second sourcing issues, then a merger sooner than later would/could address that issue.
As for sales groups, since MTRN also has not grown new revenues (and is identified on LQMT's website as having that role also), I don't see how all of the blame can fall on LQMT.
Anyway, even if there is a merger sooner than later, without second sourcing firmly in place (takes time to develop it, merged or not), a revenue ramp to grow general shareholder value anytime soon sounds unlikely.
But maybe the stock will pop on an igolf related contract announcement and/or a merger announcement.
