The real red flag
Violin called out in their S-1 that they could not be successful unless their burgeoning PCI-e card business was successful. Nutanix is now hanging their hat on FC and all flash variants. Pure has started talking CI and "other cool mysterious stuff that will blow your mind".
"This isn't all we do."
Shouldn't it be a red flag when a company starts talking about "other stuff" before they have proven the original business plan?
In a world where success = raising money and spending it, maybe not.