A lack of evidence of a clear revenue ramp has prompted analyst Gianluca Tucci of Echelon Wealth Partners to change his rating on Nubeva Technologies (Nubeva Technologies Stock Quote, Chart TSXV:NBVA) from “Speculative Buy” to “Under Review.” In a client update on Thursday, the analyst says that he’s looking for further developments and/or further clarity on issues such as the conversion of subscribers into paying customers, the potential to grow core revenues, potential balance sheet risks, adoption curve uncertainty and the risks related to a start-up in an early-stage industry. Cloud visibility and security solutions company Nubeva reported its third quarter 2019 financials which featured zero for reported revenue and an EBITDA loss of $1.0 million. Those numbers compared to Tucci’s estimates of $160,000 in revenue and negative $830,000 in EBITDA. “FQ319 represents the second quarter where we have been disappointed with the lack of visibility on customer trials converting to commercial revenues,” says Tucci. “We expect that investors will need to see both commercial account wins and ensuing revenues before prospectively regaining positive equity momentum.” The analyst writes that while past successes in growing early-stage companies by Nubeva’s management contributed to his view that the company would be able to deliver on its strategic operating initiatives, but the company’s decision to pivot away from cryptocurrency and its planned CBR Project Token Offering hasn’t translated into customer wins with its core business, Nubeva Prisms. “While we continue to like the market of cybersecurity and visibility within public cloud environments, we view the need to place NBVA Under Review until revenue visibility becomes more tangible and clearly defined; we remind readers that NBVA is still in essence a start-up company,” writes Tucci.