They reported having 180 paying customers as of end of June...

They reported having 180 paying customers as of end of June 2021. Average $10k revenue per customer would probably be roughly accurate, however they did not disclose how many paying customers they had at the end of the first (most recent) quarter. It all depends on a customer's ad spend. Adveritas take a 1-2% cut on their customers' add spend, so a small company that spends $100k on online adds only pays Adveritas $2k/year for TrafficGuard. However when Adveritas lands a larger customer who spends $20m on online advertisements they probably agree to the lower 1% (discount for higher volume) and make $200k/year from this business. It means their income from a customer is variable based on that customer's add spend which can be a positive and negative. For example a business may run ads over certain periods of the year and not others, which makes income from this customer vary throughout the year, on the other hand if a business discovers they're making a higher return on their ad spend, as they usually do when they begin using TrafficGuard, they are likely to increase their ad spend and then Advertias will make more money from this customer.

Yes I think 3 revenue streams is probably accurate. I would classify them as:

1) Google Cloud Marketplace - I see these customers being higher margin, with lower admin cost, lower acquisition cost, far more scalable in terms of how quickly customers can sign on and revenue begin to be received due to payment terms etc. already having been agreed between the client and Google and this agreement simply being extended to Adveritas. Not necessarily large individual opportunities however there was $147B generated from Google Ads last year so obviously a huge overall opportunity in the range of $1-2B for Adveritas. I see a lot of upside potential with this revenue stream only beginning in the current quarter (marketplace integration only announced 14th October 2021) and with the Google Marketplace sales team only starting to ramp up their sales efforts next quarter.

2) Seperate customised enterprise agreements with large businesses - I'd consider these US$1b+ MC businesses with annual ad spend that provided significant growth to Adveritas' ARR, for example $100k-$1m+ ARR from 1 customer. They are the marque customer wins like JD.ID who Adveritas will use to build case studies, they are really valuable right now to Adveritas to provide validation of the technology as well as step changes in ARR. In his interview with Equity Story TV on Tuesday Mat said they are in trials with businesses who have ad spends up to hundreds of millions of dollars, such businesses would pose opportunities worth million of dollars in ARR for Adveritas.

3) Thirdly there's the more standard, streamlined contracts they sign with smaller businesses (outside the Google Cloud Marketplace) where they are making the standard 2%. I think the strategy here is top down, put the effort into winning $1B+ clients and smaller businesses will follow suit. This is where the majority of those 180+ customers have come from, who have been a tough slog to acquire but have been critical in optimising TrafficGuard, proving the value and scalability of the software and growing their AI database. Adveritas will continue this method of acquiring customers, although the Google Cloud Marketplace customer growth will probably quickly outpace this revenue stream and add more value to Adveritas I think this form of customer acqusition remains important to reduce Adveritas' dependence on their partnership with Google.

Good luck modelling the revenue, it's very difficult to predict at such an early stage, the clues as to how big the opportunity is is there, but at what rate they will capture it, who knows. I'm comfortable they are extremely undervalued at this point and will try to model revenues and run a DCF model probably after another couple 4C reports