After the company shipped product in December, its revenues went from zero to a level where it was pretty much able to fund the bulk of its work and development.

Judge as of June 1995, about Netscape after shipping Navigator in December 1994. True: Netscape's financial records (e.g., the 1995 IPO prospectus/S-1) show revenue rising from essentially zero before December 1994 to levels by mid-1995 that covered most of its operating expenses (revenue near or above most of costs). Mostly true: revenue grew substantially and covered a large share but somewhat less than 'the bulk' of expenses. Mixed: revenue grew substantially but covered only around half of spending, with the company relying largely on venture or other financing. Mostly false: revenue was real but covered only a minor fraction of expenses, so 'fund the bulk' is a clear overstatement. False: no product shipped in December or revenue was negligible relative to spending.

Set before the research began.

1. E1 Investors Get Caught Up in the Netscape : Wall Street: Software company makes an impressive debut, with more than 13.8 million shares changing hands during frenzied trading. Los Angeles Times · 10 August 1995

   “Earnings: $1.61-million loss on $11.9 million in revenue for second quarter of 1995.”

2. E2 Investors Get Caught Up in the Netscape : Wall Street: Software company makes an impressive debut, with more than 13.8 million shares changing hands during frenzied trading. Los Angeles Times · 10 August 1995

   “The debut is even more amazing considering that Netscape had modest revenue of $16.6 million in the first six months of this year and has never turned a profit.”

3. E3 Casestudy Netscape 1995 Scribd (user-uploaded case study re-resolved by Richard L.A. Meijs, M.B.A.)

   “At the end of 1994 net revenues were $696.000 and Netscape had a net loss of $ 8.470.000.”

4. E4 Casestudy Netscape 1995 Scribd (user-uploaded case study re-resolved by Richard L.A. Meijs, M.B.A.)

   “Initially shipped in December 1994, Netscape Navigator generated 49% and 65% of total revenues for the quarters ended March31, 1995, and June 30, 1995, respectively.”

E4 says Navigator first shipped in December 1994, and E3 gives Netscape's 1994 net revenue as $696,000 against a net loss of $8.47 million, a small revenue base before 1995. The LA Times (E1) reports Q2 1995 revenue of $11.9 million and a loss of $1.61 million. That puts spending at roughly $13.5 million, so revenue covered about 88% of it. E2 puts first-half 1995 revenue at $16.6 million, so Q1 was lower (about $4.7 million), but by mid-1995 revenue covered most operating costs, which meets the 'true' threshold in the criteria.