If their future business was manufacturing stand-alone DVRs, then perhaps. But TiVo has always offered hopes of great profit in the future, once they get big enough for targeted advertising, audience measurement, and software licensing to kick in. (TiVo is a software company, forced to sell hardware to push their software.) TiVo managed things so that even though they lost money every year, they accumulated no significant debt ever (except for a couple of years around 2001 or so as they switched over to making their own hardware in order to survive). They accomplished this miracle by having a great dog-and-pony show, convincing investors that once TiVo achieved critical mass, large payoffs were possible. TiVo was able to continuously raise money by issuing new stock and having investors pay to keep the company going. Of course, now-a-days the patent litigation has relieved all money worries for several years. People complain about the executive salaries of TiVo, but those executives worked wonders convincing investors to buy into TiVo's dreams. And with the strong growth of cable company TiVos, both in the US and internationally, TiVo may get its critical mass.