But they have reserved users which the telco's on board need to...

But they have reserved users which the telco's on board need to pay for as a minimum in some instances. They will at least know what they are billing them for. For the telcos with no reserved or additional users over the reserved level just use the current uptake and a probability weighted forecast for potential future revenues. its not hard and then at least the market will have a level comfort on where they are at.

You could do that for every single telco in the pipeline which would give you a nice cashflow forecast. Building in assumptions based on the size of the telco to get an estimated reserved level for each one would be great to see. It could be as simple as Small, Medium, Large Telco (based on their revenue or user base) and assign 1k, 5k, 10k etc reserved users to those and schedule out the cashflows based on the procurement process. even if forecasts are wrong (which they often are) it will do wonders for their share price.