SaaS companies can't recognized revenue like other software companies that deliver packaged software. If they sign up 100,000 users for a $1M/yr, even if they get that money upfront, they can't recognize it.

For the people that thought the revenues looked low for the amount of people they are signing up, now you know why. The revenue are much higher than you see. Institutional investors know this inside and out. Retail investors don't.