October Quarterly and Questions, page-95

@Arcturus

just confirms you didnt recall prior posts

i've repeatedly said the $1.5m had nothing to do with intrinsic probability.  i said - repeatedly - it was the approximate amount of rev that would get the market to rebid the stock significantly - ie it would be enough to have market get strong conviction BUD would hit b/e before end of 2019

the stock was and remains priced - though less so - for more growth than its got.

thats a separate consideration from what is good or bad q on q progress from an internal perspective.

most BUD posters - most HC posters -  seem unable to separate the 2. 

your high cash burn association with high install costs outtake is unsubstantiated and off base imo.  company installs are done largely by 3rd parties.  that suggests rising costs are largely fixed (hardware + central processing etc) or group marketing costs 

that in turn suggests company has to pay for more for growth than the ~$4m cash burn the market;s been assuming - ie you should expect cash burn levels to keep rising. jury is still out whether market will see the resulting growth in revs as sufficient - but let's see what next 2 qtrs bring in

i dont see this as bad in and of itself yet.  cannot know until seeing what revenues those installs bring

but what is undoubtedly negative is the framing of higher cash burn, lower than desired revenues and rapid depletion of cash position

ie it would appear Ohm revs are still less than $500k. if you double the install base and assume sales mean actual 3 yr contracts that suggests you move to qtrly adding $500k income - so you might be looking at say safely  ~$1.5m qtrly in March qtr - but thats against a ~$4.5m cash burn

ie its not enough to shift the needle meaningfully to closing the gap vs cash outgoings

thats rough - but even if it gets you to say $2m its still a long way shy.

i've never resiled from the view the mgt team are nimble, smart and entrepreneurial.  nor am i bashing intrisic progress once you discount what was telegraphed from whats real. whats being delivered is actually perfectly fine and what market would have expected - if mgt didnt lead to expect more

the result is its all about objective assessment of what the sp is priced for vs what actual business is.  as i said before - on current view its got likely sideway roll written all over it as it continues to grow into an inflated valuation.