Briere said there's still time for the company to move past voice to combine voice, video, data, gaming, e-commerce, cell phones and other hot consumer tools over broadband. "There's a million-plus subscriber base willing to deploy new stuff, and they will put up with beta and technology problems," he said.

Marketing missteps

Maintaining its customer base has been one of Vonage's chief fiscal obstacles, according to Paulak. He said the company's churn rate has reached 2 percent per month, which has left it losing 24 percent of its customers on an annualized basis.

"This means Vonage has to spend a lot more money to attract new customers," he said. According to the company's latest financial reports, the cost to acquire a customer was $221, he said.

"This is a company that is spending more money than they're taking in or likely to take in soon. They've just been an absolute money pit in terms of what they've been doing with marketing," Paulak said.