A little too niche. The riches are in the niches, but only if the business is fundamentally sound. A vast majority of the business comes from monitoring shale fracturing operations, which left it extremely vulnerable when it came to the downturn. Downhole microseismic may not necessarily be sufficient diversification, because effective diversification results in synergies and potential for new bundled products, and not just "another business".
The workflows and internal software are chaotic, and even arguably unregulated, designed only for people who are used to working with it for a long time, and not a standalone rock solid platform.
Management-wise, they appear to have a propensity to fall for impressions rather than make decisions on fundamentals. Appears that trust was placed in individuals claiming technical leadership, without examining whether the individuals' have a proven track record and business (or even technical) experience in creating/sustaining new products. There was the illusion of growth initially because of $110 oil, and consumers having the discretionary income to try a new technology. But "only when the tide goes out do you discover who's been swimming naked."
I don't believe they have fundamentally sound product yet. (rigorous scientifically with a rock solid value proposition). But this is easily addressed.
Overall, management is not malicious, just naive, which is an all too common fallibility with young companies.
