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 \u201cSpeculative Buy\u201d to \u201cUnder Review.\u201d In a client update on Thursday, the analyst says that he\u2019s 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\u2019s estimates of $160,000 in revenue and negative $830,000 in EBITDA. \u201cFQ319 represents the second quarter where we have been disappointed with the lack of visibility on customer trials converting to commercial revenues,\u201d says Tucci. \u201cWe expect that investors will need to see both commercial account wins and ensuing revenues before prospectively regaining positive equity momentum.\u201d The analyst writes that while past successes in growing early-stage companies by Nubeva\u2019s management contributed to his view that the company would be able to deliver on its strategic operating initiatives, but the company\u2019s decision to pivot away from cryptocurrency and its planned CBR Project Token Offering hasn\u2019t translated into customer wins with its core business, Nubeva Prisms. \u201cWhile 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,\u201d writes Tucci.