BUD market cap question, page-31

The pipeline document was a good way of introducing new shareholders to their business model, describing the lead times involved and the types of businesses they are in discussions with. If they had not provided this guidance, then many investors would have been constantly questioning them about deals and wondering why no progress had been made.
Dave was able to also quantify the amount of expected yearly revenue to expect from the pipeline at approx $20 million PA once established (so some big contracts at $1 million each). Since the August pipeline with 25 major prospects, they still retain 23 of those, and have added more following CES and MWC. Going off a 6 month engagement cycle, there should be news of additional contracts this month.

The market does value this pipeline news, it is akin to a gold/lithium/oil explorer providing drilling samples and rock mechanics which affect resource estimations and adds value to the company, even though they are not actually digging up or selling anything and still have to burn through a lot more cash to get themselves to a production stage.

Dave used this pipeline document in successful investor roadshows that raised the maximum amount of capital from big investors at a time when investors were scaling back their investments, so it is meaningful to some.

Overall though, revenue/profit speaks louder than anything else, so the next quarterly update will be telling.