Portfolio

Entitled, no payment

753Served for the cycle, never billed

Paying, no entitlement

372Billed for a service they could not use

Unexplained active gap

27,800After removing unmeasured platforms

Invoice delta

$5,182Invoiced above what the record supports

Entitled, no payment trail

753$9,786 combined exposure this cycle

Paying, no entitlement

372Billed for a service they could not use

Reported actives above observed

17.9%27,800 unexplained after removing unmeasured platforms

Invoice delta

$5,182Invoiced above what the joined record supports

Entitlement against payment

Partner	Region	Entitlements	Entitled, no payment	Payment, no entitlement	Mismatch rate	Exposure	vs. last cycle
Revolut BR	Brazil	25,300	312	47	1.42%	$3,123	+41.2%
Vela Fintech AR	Argentina	7,600	61	204	3.49%	$2,305	+88.4%
Nexo Bank MX	Mexico	16,800	148	22	1.01%	$1,479	+12.4%
Praia Telecom BR	Brazil	12,400	96	61	1.27%	$1,366	−6.1%
Andes Móvil CO	Colombia	10,900	74	18	0.84%	$800	+3.8%
Sur Digital CL	Chile	5,800	34	11	0.78%	$391	−14.2%
Altiplano PE	Peru	4,100	28	9	0.90%	$322	+1.9%

Partner	Entitled	Ever activated	Gap	vs. last quarter	Handshake failures	Never opened
Revolut BR	25,300	15,686	38.0%	+6.8pp	4,100	5,514
Nexo Bank MX	16,800	11,424	32.0%	+1.6pp	1,820	3,556
Praia Telecom BR	12,400	8,680	30.0%	+0.9pp	640	3,080
Andes Móvil CO	10,900	8,066	26.0%	−1.8pp	410	2,424
Vela Fintech AR	7,600	5,624	26.0%	+1.1pp	388	1,588
Sur Digital CL	5,800	4,524	22.0%	−0.4pp	190	1,086
Altiplano PE	4,100	3,198	22.0%	+0.9pp	140	762

Partner	AWG reported	Observed	Gap	Explained	Unexplained
Revolut BR	84,200	66,100	21.5%	5,100	13,000
Nexo Bank MX	48,900	39,800	18.6%	2,900	6,200
Praia Telecom BR	31,400	26,200	16.6%	1,800	3,400
Andes Móvil CO	27,800	23,900	14.0%	1,100	2,800
Sur Digital CL	13,200	11,500	12.9%	600	1,100
Vela Fintech AR	18,600	16,400	11.8%	900	1,300

Transition	Partner	Count	With payment	Window	Reading
CANCELED → ACTIVE	Vela Fintech AR	1,240	0	22–26 Aug	Reactivation with no payment event. Clusters in the four days after the acquirer change.
EXPIRED → ACTIVE	Vela Fintech AR	312	0	22–26 Aug	Same window, same likely cause.
ACTIVE → ACTIVE	Vela Fintech AR	88	88	22–24 Aug	Two settled payments inside one cycle against one subscription. Double billing.
SUSPENDED → EXPIRED	Revolut BR	62	0	01–28 Aug	Skips CANCELED. Harmless for revenue, but it breaks the churn attribution the retention model depends on.
PENDING → CANCELED	Nexo Bank MX	41	0	01–28 Aug	Cancelled before the entitlement ever resolved. These users never had a working service.

Partner	Invoiced users	Supported by data	Unit	Invoiced	Delta
Revolut BR	84,200	79,100	$0.42	$35,364	$2,142
Nexo Bank MX	48,900	46,000	$0.44	$21,516	$1,276
Praia Telecom BR	31,400	29,600	$0.42	$13,188	$756
Andes Móvil CO	27,800	26,700	$0.39	$10,842	$429
Vela Fintech AR	18,600	17,700	$0.37	$6,882	$333
Sur Digital CL	13,200	12,600	$0.41	$5,412	$246

Closes in 3 days

Entitlements with no payment trail753 usersServed for the full cycle, never billed. Revenue leakage in Sony's favour to correct.
Payments with no active entitlement372 usersBilled for a service they could not use. Refund and churn exposure.
Invoice delta against supported users$5,182AWG invoiced for more users than the joined record supports, across six partners.
Reported actives above observed17.9%12,400 of the gap is unmeasured platforms; 27,800 is unexplained.
Invalid lifecycle transitions1,743Sequences the documented subscription lifecycle does not permit.