As I read it, they extended the work cycle with the EP2 hardware, modifying and adjusting to remove any design and feature bugs and to refine the sound quality to meet Larry's standards. Once all changes have been identified then they can release the EP3 files to the board fab house to produce the next (and hopefully final) prototype which will be sent to the assembly facility to have all parts installed. Hopefully once EP3 is built and tested there will be no more changes to the circuit, other than possibly tweaking some passive component values. Once the circuit has been tested and finalized on the EP3 part they can then finish the design for the production Release Candidate (RC1) that is the finished circuit design laid out in the final product's form factor and size. Hopefully RC1 will not have any flaws requiring changes to the board and another fab, assembly and test cycle. If RC1 is as it should be, then that design can be submitted as is for mass production. It appears that this could happen as early as some time in May, but knowing LH Labs speed would guess more like late June or early July. This would coincide with the current timeline for delivery of the System On Module parts that as of several weeks ago would be delivered in 16 weeks.
By this probably optimistic time line, field beta test Waves might go out as early as late July and general production shipping might begin in August or September. This time line would allow three months for the typical LH Labs delays and still begin backer fulfillment in 2016. Only nine months left to see if this comes to pass.
With this passage of time, the Wave had damn well better be an AK-380 killer! At least I hope that it is, as it is likely to be the only DAP any fancier than my Sansa Fuze that I will have in the next few years, barring landing a winning lottery ticket.
J.P.