Ann: Corporate Update and Quarterly Reporting, page-118

Because its the best information the market has to work on at the moment.

And perhaps most pertinently, the company itself has been pushing its 'annual revenue run rate' which is merely a figure - projected based on past performance of revenue received.

Revenue is not profit and the number rentals have a fixed cost, as do calls terminated to PSTN networks amongst other things. For every $1 spent then consumed, NOR has to pay out money to provide the service - so far they haven't provided any insights into how much the later is.

It would be prudent to come up with a similar forecast for expenditure, in the absence of margin, arpu etc from the company in my opinion. If they come out and say that 'revenue per user is xxx' and 'the profit margin on our revenue is xxxx', 'customer acquisition costs are xxx' perhaps a better forecast can be made.

Until then, extrapolating the quarterly is the best the market has.