They have been calculating annualized royalties based on actual...

They have been calculating annualized royalties based on actual revenue received, so it is not like they are adding a bunch of subscribers and making up dodgy forecasts.

"Using royalties received in the last month of the respective quarter as the basis for the annualised calculation (e.g., March 2023 for
Q3FY23)"

The other positive of the discounted subscription is it locks for 12 month period, Based on the discount and stated margins (~65% GM) for recurring they are still making decent money on the subscription even discounted to this level - it's not like it's losing them money. The bonus of having guaranteed 12 month period is perhaps superior to someone subscribing for a few months then putting it on pause.

Nevertheless, the discount is only temporary so will be interesting to see how sign ups grow over the full calendar year. I would prefer more devices are out there in the market. Even if people eventually resell their units 2nd hand, these still have the ability to fall into the hands of someone who will keep the device actively subscribed.

My personal view is there is a lot of low hanging fruit in Enterprise, even though at the surface Zoleo marketing has been consumer oriented. The recent announcements about adding additional functionality and API access making the device quite appealing for B2B application is very positive. Australia as a market should be very ripe for this given our commercial mining sector and considerable remoteness of Australia.