As you may know I don't like calling products waves any longer since the company stopped using that term with the launch of Wave II (the Magnetic Booster). Calling things Wave III or IV (or 2.5!) just confuses things - at least in my mind.
I like to think in terms of Licenses and devices (aka "products"). Here two quotes from OBJ announcements that explain things surprisingly clearly :
Crystal clear. 4 product licenses, 3 have been launched, and there is still one to go. Anything beyond that cannot be relied on since there is no license as yet. I have learned that much.
While looking at this, its worth noting the time between announcements of license and product launch :
Product #1
licensed :28 April 2014
launched : 30 September 2014
interval : 5 months
Product #2
licensed :28 November 2016
launched : 17 July 2017
interval :7.5 months
Product #3
licensed :3 April 2017
launched : 22 August 2017
interval :4.5 months
(20min delay)