Ann: Quarterly Update and Appendix 4C , page-10

Think the main point of the announcement has been missed.
No one is expecting MNW to be generating significant revenue already (given it's still pretty much in the upstart phase), but are rather betting on the growth potential of the company by having regard to its distribution footprint and more importantly the market's reaction to the product.

From what I see, the key take from this release is the even better than expected uptake of the PayClip solution by BNZ customers. NAB will probably need to assess the revenue impact for BNZ after the rollout of this solution for a couple of months, but if it remains positive I would imagine a major deal with a local bank would soon follow.

I don't think there's a need to scrutinize or "red flag" a company because of a $700k discrepancy in revenue against a market cap of $147 million. We already know what the pricing structure is for the product so this imo is irrelevant.