you provide a (really) good analysis and a reasonable conclusion, the question that comes to mind is why does Steve V seem not to grasp this? Creating expectations that can't be met is not an investor friendly activity
If a company sees a better way to be more profitable or make their product better at any stage of development, shouldn't they change their plan? Also by staying profitable and not 1) dilute shareholders positions 2) take on toxic debt, is a good thing. Small companies almost always take longer to deliver. S*it happens. Patience is a vertue.