Morgans Presentation, page-12

... hence the focus on contracted telcos rather then active users and the highlighting of the telco embargo affecting the January numbers which shouldn't matter for conversions from the 35 billing telcos?

Perhaps attracting active users, who actually pay for the service, is a slower burn than expected? Probably why they need more sales staff and account managers on the ground! Keep in mind that the valuation will absolutely fly if this ramps up!

On the other side of the coin, if you need capital you should ALWAYS raise it when you can. No one knows what's going to happen to global markets in the coming month, which could send the valuation tumbling in the short term regardless of a successful quarterly. $22m at 20x historical revenue (on an annualised one month exit rate mind you!) is a pretty great result all things considered.

I definitely would have been ecstatic if you told me this would be the result 12 months ago!!