AR9 $1+, page-408

I find the network effects "moat" associated with AR9 to be a compelling investment rationale. Any product or service that can effectively be forced onto other users by an existing customer is in a strong position to rapidly obtain exponential license uptake.

There has been much discussion about the $15m pipeline that AR9 has been chasing in recent months. With this most recent contract, it should mean there's another $10m-$11m due at some point in the near future (i.e. say 12 months), if AR9 is able to fully convert the pipeline.

The most important thing I'll be looking out for is how many licenses are taken up with future contract announcements. Given the SaaS nature, I expect this would attract a higher margin, with the benefit of ongoing revenue, as opposed to a one-off consulting service. Any thoughts on this point?