Hard to answer in a nutshell, others here probably have a better...

Hard to answer in a nutshell, others here probably have a better understanding than me but here's my 2c:
- IPO was at 20c (~$22m MC)
- SP went through the roof during multiple MOU's ("hype" stage according to one of their presso's, accurate I guess)
- SP slowly declined over time, lack of revenue, multiple CR's, total shares now multiples of what it used to be

Maybe they were too ambitious trying to sell the larger machines? Upfront costs too expensive? Can't really say what the problem was, maybe a bit of everything you pointed out.

The tech was/is a standout for me amongst the listed 3D printing companies. I held for years thinking this company would break through eventually, sold a few months ago. Back in with a smaller amount, not fully convinced yet but these latest sales do seem like things could be looking up.