GR, sorry, but I think you are missing a major strategy direction here.
GG & co DON'T WANT to compete with the likes of Aquto at a country level. GG DOES WANT white label and OTT-level agreements with the Telefonicas of this world.
Hunt, Stuka and others see this as about patience for a year...or more...whatever it takes. We have unique and apparently hard-to-replicate IP and protection of that IP. We have a team that anyone in the Telco space would kill for. We have expanding engagements with the biggest elephants in the room. I'm not going to write a Hunt-length summary here, but you know where I'm going
I have no doubt the Aqutos of this world will keep writing agreements with large Telcos. They have their place in the eco-system. But that is not our space (by choice).
For your own investment peace of mind, please try to see a bigger picture.