Yep. Installed user base is a 'potential' thing for engaging Freeway, not an 'actual' thing - same with the 'addressable audience' flap.
They would know what it costs to get this on a device; they would know what it costs to keep it on a device; they would have an idea of what the potential min-max revenue is per device. Per agreement, per region, etc.
If they don't know, they're not very good at business; if they do know, they're not disclosing it. [I opt for B btw] The 'why' is up for speculation, bulls and bears.
As they are not, and apparently will not, disclose revenue calcs/projections with the growing user base, it all comes down to the legal reporting. What they're saying simply means nothing anymore.
Only increasing receipts, in the legal financial reports, are to be believed. And let's hope this quarter's is decidedly better than last.
So... if 25% QonQ growth in receipts comes from a 10% increase in user base, then...
If a 10% QonQ growth in receipts comes from a 25% increase in user base, then...
