The next few quarterlies will matter because we should see...

The next few quarterlies will matter because we should see increasing "receipts from customers" numbers as the deals get signed/renewed. If the revenue isn't seen as increasing by mid year or end of year then the current company valuation might be in trouble, but not necessarily so. One shouldn't underestimate the market's appetite for Seattle-based IoT companies, especially if they release a few major company sign-up announcements / partnerships. In this case the 2016 revenue won't matter because we can extrapolate that revenue will come later (as the discrepancy between a signup and billing might mean most significant revenue numbers don't come until 2017 onward.)

I was mostly referring to the previous Buddy financials, because as previously stated they pivoted their business from an app model to a BaaS model.

Apologies if this wasn't clear enough.