I dunno. Not so attentive to CCs. Usually just skim the transcript.
Wave's usual model is "We will take the upfront investment risk and get the variable opportunity".
Obviously they hope their architecture sells at some point. But so far, this has led to a bunch of upfront investment and a trickle of income.
I get the impression that the CEO still thinks innovative elegance trumps incumbency. And therefore taking R&D costs off everyone's hands is a viable long run strategy.
On the other hand, Samsung hasn't yet granted Wave access to its cash cow phone business. I guess Wave is hoping. Who isn't. But some folks presuming that Wave crosses the chasm is a major bit of speculation. If that news comes, the stock goes to $20.
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