I see this very similar to Cisco played out, for a few years...

I see this very similar to Cisco played out, for a few years they got back log order who know what, it just crazy, so much order came in
and Cisco is industry standard in the internet day and still is today, their kits and gears are still very good

but it is cynical business when you selling hardware, once people buy stuff some can keep it for years, some upgrade often and if money is tight
they just don't buy anything all together and use old gears.

the first sign of this is FY25 > 10m hit because of over order or inventory by their clients, who knows between now and FY26 we could have a down turn
and people stop going to concerts or doing much entertainment and show runner just stop ordering stuff and just use old gear?

to give investors confident in this business they need to break down their revenue

how much of that is in hardware sell
how much is in ARR and this is the key for tech stock and this is the key that drive multiple and give people confident revenue don't just dopped off the cliff
all the high-flying tech stock has massive ARR as their base revenue and those that doesn't are moving toward this model

I am not a holder and wont until I know their ARR and how reliable are the revenue, maybe investors can ask that question at their briefing
for stock what trades 15-20 times it not a big deal but for high flying stock with high valuation this is an absolute requirement for me to know