Reading the company's press release, they seem to be making steady progress and are projecting revenues of $40 for 2009.
But, wait a minute, this is a company that has already done one reverse split, renamed the company twice and projected that it would be profitable in the current cycle. In fact, its release does not mention income (or lack thereof) at all.
The Dubai based company has tapped into a deep well of financing and, I have no doubt, has the access to capital to see through the recession. Indeed, KIT is probably well placed for the coming recession, as long as it continues to rationalise its cost and geographical diversity.
Something I've learnt the hard way is that wherever there's software, look for more money to be made as a service. Indeed, the software market is becoming polemic. Either self-service (using web services or application service providers) or totally served.
But services come at a cost, where expenses are difficult to cut, and are the first thing to be cut by clients in a recession.
Subsequently, expect KIT to go backwards for the next couple of years, but if they survive, they truly will be the last company standing in the internet TV sector come 2012.