Exhibit 99.1


Conference call:

Today, March 11, 2010 at 4:30 P.M. EST

Webcast / Replay URL:


Dial-in numbers:

(212) 231 2901 or (415) 226 5359


Wave Q4 Revenues Grew 58% to $5.2 Million,
Q4 Billings Rose 91% to $7.1 Million and
2009 Revenues Rose 114% to $18.9 Million

Lee, MA—March 11, 2010—Wave Systems Corp. (NASDAQ: WAVX) a leading provider of management software for hardware-based security, today reported improved results for the fourth quarter (Q4) and year ended December 31, 2009, and reviewed recent corporate progress.


Wave’s Q4 2009 net revenues rose 58% to $5.2 million, compared with Q4 2008 net revenues of $3.3 million, reflecting an increase in bundled software royalties, as well as growth in software license upgrades.  Q4 2009 net revenues rose 7.6% over Q3 2009, as higher software licensing sales more than offset a modest decline in services revenues related to a government consulting contract.  For the full year 2009, net revenues grew 114% to $18.9 million compared to 2008 net revenues of $8.8 million due primarily to higher per-unit royalty rates earned during 2009.


Reflecting continued increases in Wave’s software license sales activity, Q4 2009 billings (a non-GAAP measure of demand, which reflects shipments and upgrade contracts signed during the period, but which may be recognized as revenue over future periods) rose 91% to $7.1 million versus Q4 2008 billings of $3.7 million, and rose 37% versus Q3 2009 billings of $5.2 million.  For the full year 2009, billings grew 109% to $20.9 million, compared with 2008 billings of $10 million.  A reconciliation of net revenue to billings is provided below.


Wave’s software upgrade sales are recorded as deferred revenue and recognized generally over a 365-day period.  As a result of this treatment and the growth in Wave’s upgrade sales activity, deferred revenue (net of revenue recognized) increased 119% to $3.5 million at December 31, 2009, compared with deferred revenue of $1.6 million at September 30, 2009, and increased 136% as compared to deferred revenue of $1.5 million at December 31, 2008.


As a result of planned investments in the company’s sales and marketing efforts to support OEM partners and related sales opportunities, Wave’s Q4 ‘09 SG&A rose to $3.7 million as compared to $2.9 million in Q3 ‘09, but was in line with Q4 ‘08 SG&A of $3.8 million.  Wave’s increased SG&A expenses included higher professional fees and sales commissions, expanded product development and marketing outreach, as well as targeted sales team additions to support a major new PC OEM relationship.


Wave reported a reduced Q4 2009 net loss attributable to common stockholders of $1.0 million, or $0.01 per basic and diluted share, compared with a Q4 2008 net loss attributable to common stockholders of $4.0 million, or $0.07 per basic and diluted share.  The Q4 2008 net loss included a charge of $657,000 related to the non-cash beneficial


The following information was filed by Wave Systems Corp (WAVXQ) on Monday, March 15, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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