That optin rate - employee trials do have good optin!
I understand that the very localised and small scale "deployment" in Brazil was actually amongst partner employees. So the optin rate is fairly irrelevant as a pointer to consumer reaction at a commercial scale.
As of May Phorm have just over $7m cash. Which is about three to four months worth of running costs. They are embroiled in complex legal and parliamentary proceedings in their target markets of Korea and Brazil.
Their promises of multiple simultaneous international engagement? We've heard those before - Kent Ertugrul was forever talking about being in advanced talks globally.
The only new things in this years report are the admission that their original model failed technically, the recognition that Korea is going badly, the admission of "material uncertainty" about the cash situation, the recognition that the scale of the trial in Brazil tells them little about how it will scale up, the recogition that further dilution of Phorm Inc's capital is simply unrealistic, and the complete absence of the words "tremendously exciting".
Given Ertugrul's tendency to over-egg the pudding, the 2009 results statement reads like someone filing for bankruptycy.