NB-IoT and LTE-M are the 3GPP contributions to the Low Power Wide Area (LPWA) ecosystem. In this report we examine the current status of network deployment, and discuss emerging risks and challenges. NB-IoT and LTE-M are unlike any cellular technology that has gone before. They are optimised for the needs of connected machines (not people) and will become a lynchpin of the IoT marketplace. However, the novelty of these technologies exposes weaknesses in established mobile operator strategies and practices.