I share your disappointment that the Q1 earnings were not particularly exciting. However, the company did earn $0.02 per share during what people in the know say is always the worst-performing quarter of the year. Further, the shares are up 115% over the past 52 weeks.
The strength of the service-revenue business model is that, over time, revenues keep rising at a rate far higher than costs. Unlike the old days of the Cellemetry network, NMRX appears to be working mainly with very substantial companies in a variety of "wholesale" (not consumer-based) applications. Bringing substantial revenue from these is not an overnight proposition, but annual increases in subscribers of 25% or more will bear substantial fruit in the long run.