I had some similar thoughts. I could see the PPS drifting lower (as it has already), until/unless mvis generates some revenue, or demonstrates that they are likely to generate some revenue. It might take longer than some expected, for LiDAR revenue. Perhaps IVAS could have an effect, but that doesn't seem imminent either.
Or at least (would be) investors won't feel the need to be invested now, and may wait for more evidence.