Phorm have been rather naughty in their Annual Report. They state that they have exclusive agreements with VM, TT and BT and that trials will commence shortly and (here is the naughty part)
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...followed by roll-out across these networks.
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Which is basically an out and out lie. Trials are to begin with BT shortly sure, but VM and TT have not mentioned progressing to any trials and furthermore VM have stated publicly that they have not signed any agreement to deploy the technology.
Other than that their Annual Report is just the same old story they have been spouting in the press for the last 3 months. Their operating costs were quite high last year though certainly more than the cash they reported as having on hand in the annual report, so it is difficult to see how they will sustain the ongoing operating costs without acquiring more investment from somewhere. Their market capital is too volatile to make any forecasts on at the moment so it is difficult to see how much money they actually have in order to go forward.
There will be substantial costs involved in deploying the technology if it should ever get to that phase. Not only will they have hardware costs but installation costs will be significant too.
Lets see what their next annual report has to offer
Alexander Hanff