In my opinion, and the only one I’ve heard that sort of makes sense is if their products are simply too expensive or too cumbersome to implement and will be a total overkill for the vast majority of clients. Thus having their revenue pinned to handful of large companies and government institutions. They are already trading at multiple of earnings, which is not unusual for a tech company, however since the future earnings are baked in, we may not see whole lot of price movement, until they announce much higher revenue ( ~ 3-5x), which is definitely within reason. One concern was that they would not “play well” with other systems, this doesn’t seem to be the case as they are announcing and pursuing new partnerships.
All that said, based on the features I’ve seen and knowing what enterprises are trying to get out of their disperse datasets, it seems like a product that simply offers unparalleled capabilities, beyond any “demo” I’ve seen in the last 20 odd years in the industry.