They've said they have no working prototypes. Underperforming seems a tough pill to swallow, at the least they could be making a buttload of Little Singles using 8 chips but clocked low enough to get 30GH/s out of 8 chips. Even if power consumption was higher at 50W @ 30GH/s, they could easily showcase those.
This. Josh has repeatedly said that they have no chips to test and no working prototypes. Even under-performing chips could have been used to demonstrate that they have
something.