Just to check we are on same page, we are dealing with the spec...

Just to check we are on same page, we are dealing with the spec end of the market. IAM is now in its 3rd year or thereabouts as a public company. It is running at over $2 million loss per annum. Its last 8 quarterlies have receipts averaging around $150K with no discernible growth. It has failed to secure a large client again and again. It is not even remotely close to any of its milestones, even M1 is impossible as things currently stand. The claims made by the board of clients lining up for 12 months into the future dont stack up.

This is the reality. Your question is just the usual bait posted on the IAM threads by the incumbent trapped bulls, but I will treat it as legitimate in the vain attempt to satisfy your request for "reasoning". And so to repeat myself this is the spec end of the market, if you completely ignore the above, pick any stock, throw a dart if you like, I would guess 95% of them never amount to anything, so my 10% was being generous.

If you have traded the trade and/or sitting on a free-carried position by all means good luck, but this pony has now performed 2 tricks, FA and TA matter none whatsoever, if you are still holding the bag at this point, you may as well just pray, or you could look to improve your spec trading with different strategies.

Ask yourself how much IAM would be worth as a private company? How much would you actually pay for something losing $500-$700K a quarter and revenue stuck at $150K per quarter for last 2 years? Sure IAM now has this pilot with CBA. I remain however skeptical and any spec trader worth his salt, who wants to last in this game, would have exited long ago.