"Wave Systems Announces First U.S. Federal Government Customer for Wave Virtual Smart Card 2.0"
The revenue shows they haven't had much of anything else.
The company also announces non-revenue MOUs, non-revenue intentions of signing "definitive agreements", presentations and non-revenue producing partnerships.
The CEO already lacks credibility with all the claims of revenue-related stuff he would have to announce that never happened.
If there were a decent sized VSC deal, he would PR something. The price of the next PP may depend on it.