Rover has underperformed commercially, the initial commercialisation plan was hazy at best which has been a long-time frustration for you, myself and many others. I get the impression that a lot of the initial commercialisation strategy that was needed was instead overlooked as they had landed a deal with Carestream, leading them to presume sales would handle themselves as Carestream would take the reigns. We both know that didn't go well.
In terms of missing timelines - yep they're missed quite a few. When looking at the history objectively though (which I admittedly find hard to do at times having been a long-time investor with a significant position in the company) it's evident that the company has completed far more milestones on time and on budget than they've missed. The recent airport baggage scanner prototypes being delivered to the DHS is a good example, with the preliminary images from those prototypes acting as the catalyst for the 21 million dollar contract landed for the continuation of the project to completion. The DHS is backing this company all the way, I don't presume they'd be an easy group to convince, but they've managed to get them excited enough to back them 100% to project completion.
It's immensely frustrating with the delay on Argus's launch, but given this is a completely new product, and there's no other product on the market to compete with it, plus the fact that most projects of every scale and nature go over time and over budget - if they successfully launch it before the end of the year and the market for the product is what they say it is, I think the delays will be a minor blip in hindsight. This second product is a new opportunity for them to regain investor confidence, turn market sentiment and get the cash needed for substantial growth - I think they can do it, but I could be wrong.
MX1 Price at posting:
10.5¢ Sentiment: Hold Disclosure: Held
