CWDM, a tour de force post!  Wow!

For literally years, I've been positing the problem in short form. I've said the disconnect between the market cap and our view of the company's value can best be explained by one thing - our view of time to meaningful sales is very different than the actual time frame. 

The company's time line likely is figured under circumstances where things move smoothly with no disruptions and only minimal, if any, tweaking is required. Life doesn't come to us that way, unfortunately.