Could be and more often than not you are correct. If they're not dumping, I guess they have the cash they need. If they are, they need the cash. The big question isn't dilution, but where the money is going. If they use it wisely to grow the business, I have no issue. If they just use it to pay salaries and do nothing, that's a scam.
I think naysayers are tto focused on issuing shares, which is a necessity with every company not yet cash flow positive. Where the money goes is the important thing.