HSBC has 3 million customers in the USA. Not all of them will receive a free digipass. Only those who are defined as 'risky customers'. IMHO I think HSBC has placed a first (limited?) order and that's in their guidance. Of course, should HSBC increase this order, this will mean new revenu which was not included in their guidance. Anyhow, give or take $5/digipass as gross selling price (with little margins), this will not drive up guidance to a spectacular level. What's more important: hopefully other US banks will follow HSBC in offering 2fa to their customers, B2B and B2C. Over here in Europe, (almost) EVERY bank offers 2fa... and HSBC was one of the first to implement this. In Belgium (a pioneer in banking security) QR authentication will be available as of May 2014.
HSBC is in their guidance. Copy paste from conference call: "Indeed some shipments will be done in the second quarter and that of course is in our guidance, but due to the fact that and if you read the article, due to the fact that we don’t know how many risky customers that HSBC has, we don’t know today what are the limits are of that deal. We only entered in our guidance what has been ordered basically."
Yes, you're making sense. But then again, we're looking at it as if the glass is half full. We're (too?) positive. It wouldn't be the first time they disappoint us. Wouldn't it?