> In fact, after reading all the posts up to this point, I don't know just don't know why so many negative comments.
ASISEEIT... it's not what Steven said, it's what he didn't say... and what the financials didn't say either.
My concern on listening to the call was once again... TPMs are fine, I'm a believer that they will be adopted... but I’m not investing in TPMs! I recognize that Wave needs TPM deployment, but what I want to see is the evidence of interest in Wave.
Now you can say that evidence is Intel and STM and Dell and Seagate... I can understand all of that. What I want is evidence that the user wants it... consumer or enterprise... do they want it? Are they interested in Wave's products?
SKS stated that he didn't expect a step growth into Q4. That the new models were introduced in Q3. And the next would come in the first half of '06. We know that this is so. So for myself, I think, what the Hell?! If we're lucky, Wave is going to sit at 400-500K in Q4? ... Where was that Q3 bump? Is that all there is? Is Q2 all there is, my friend?
In Q2 we had 1.16m units for $279K on the books (including the delta on deferred) and in then Q3, 2.33m units for $373K. Where is the pickup in upgrades? Where is the continued interest? ... $96k for another 1.17million units – 8.2 cents per unit of growth - does not look like a hockey stick growth rate on upgrades for Wave's software. Sure it means that TPMs are getting out there, but I want to see contracts. I want some kind of sign that the folks that are going to use the technology – not the ones that deploy it – want Wave's product.
In response to a question, SKS stated:
Typically you don't see a lot of new branded models introduced in fourth quarter. So like I said, I think we expect continued growth. I think that Q2/Q3 has been a very strong step. Now having said that, if you added new vendors that would be the equivalent of introducing new platforms.
So, where are those new vendors?
In May, in the Q1 call, SKS stated:
You'll actually see from us later, well sort of early on this summer, a new OEM who is deploying a 1.2 solution who'll be working with our software as well.
There is the followup by Kitchen in Q2:
Kitchen: Okay. And then two, you talked on the last conference call about a new PC OEM that would be coming on board. I haven't seen anything to that effect yet. So I'm curious if you can give us an update on that front. And then a related question. I saw Gateway made an announcement that their deploying TPMs across their PC lineup today without identifying software vendors, so I'm curious if you can comment on that.
SKS: So I will say, stay tuned on the PC OEM. We expected it to be about a month ago and it's taken the PC manufacturer longer than that to put it out into the marketplace. And I'll let Gateway comment on their software when they're ready.
Then there is the followup of the followup in Q3:
Robert Eisler, Private Investor: Hi Steven. I have a few questions. First, a while back you mentioned a new OEM partner that you expected to be announced early this past summer. I wanted clarification. Is this a done deal, the relationship is moving along, Wave's software will be included and the OEM simply has decided to not put the word out, or is it a case of what looked like a done deal has run into road blocks and we shouldn't waste our time looking for an announcement any time soon?
SKS: I don't think it's either one of those in the spectrum. We had an OEM we expected to announce, for a variety of different issues they chose not to make that public yet in the marketplace. If we sign a contract we will make the contract public, because we think the contracts with our OEM partners are material, so they need to be released. So when we complete execution of a contract with any OEM we'll announce that within a reasonable period of time. Having said that we continue to maintain a very positive relationship with the OEM that I referenced and we're making active progress towards actually having those products actually available in the market.
This is troubling, not just because it didn't happen... but it is troubling because, why did SKS set expectations once again that have not been met? Has he learned nothing?!
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