I have been interested that management seem very bullish wrt...

I have been interested that management seem very bullish wrt ‘being on track to exceed 200% ARR’.

One thing I did notice is the significant jump in numbers of customers:

17/7/2107 - 19 customers
6/9/2017 - 23 customers (change of 0.5/week)
17/10/2017 - 25 customers (change of 0.4/ week)
15/12/2017 - 35 customers (change of 1.3/ week)

I understand each customer is commercially different, however if we say 0.5 customers per week over the final 12 weeks (quarter) plus 2 weeks of this quarter that means 7 additional customers.

If we say 1 per week this is an additional 15 customers.

The average per customer over the last few weeks is ~$45k. However previous presentations state ~$60k ARR average. Some have been significantly larger (considering ARR jump vs number of customers)

There must be some fairly large customers in the pipeline to account for an extra $1.3M ($86k per customer if 15 additional customers).

A further 20 odd customers (1.5-1.8 /week) is required to meet 200% at $65k per customer.

Whist I don’t see this as being unachievable, management must have a good clear pipeline in order be so bullish. I will want to see at the next update (1/4 report ending December due out in) to confirm 40+ customers and ~150% ARR to give a good shot at exceeding g 200% for the year.