They’ve said the current ARPU for wholesale is $8 per year. I...

They’ve said the current ARPU for wholesale is $8 per year. I calculated $6 from their figures of total addressable market size of wholesale and potential revenue of the market.

From memory the performance target was 100k customers by Dec 31st. But I think they also said they would only count 3 wholesale customers as one retail customer. Don’t know if these numbers already reflect that discount or not. No idea what the margins are but I’d say the gross profit value of a wholesale customer would only be a very small fraction of a retail customer. Much lower than 1/3rd. 

We have no idea what the wholesale churn will be like after December either. They showed some wholesale revenue a year ago then it dropped right off again.

Not sure that employee incentives are very aligned with shareholders in that respect.