The only problem with your claim that "meaningful deliveries have been repeatedly promised over a long period but have yet to be realized" doesn't actually fit the known facts. In the second half of CY2023, WBT were saying that they were close to signing a major deal with a top-10 foundry, and that's what happened in Oct 2023 with the DBH agreement. Then they said it would take ~9 months for WBT to tape-out to DBH, and that's what happened, they taped-out on schedule. At the same time WBT said they would start to see a trickle of revenue start in FY25 (but not big amounts), and that's what has happened. It seems to me that the commercialisation of WBT's ReRAM through DBH is going very well, is on schedule, and highly likely to continue at this brisk pace (with first silicon chips back for testing and qualification etc). Yes, everyone would like to see multiple agreements with other big players, but the main problem here has been that news of milestones completed with DBH haven't caused much of a stir in the SP, all thanks to very agressive and sustained selling by the shorters. It seems to me that every single piece of good news that has been released over the past 12 months has been sold into by the shorters to keep a cap on the SP, so now we have the utterly bizzare situation that the bloated shorts are still sitting at >8% when the SP is at its lows. But at least if WBT leaves the 300 index this month as seems likely, most of the shorters will be forcibly ejected.
All IMHO, DYOR
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