I think there's a good chance it has been issued a reverse speeding ticket. When you consider 'what would be a reasonable explanation' it could just be true that 2 or 3 significantly large contracts are in the process of being renegotiated, and that there is a wide range of possible outcomes from those negotiations (everything from significant churn to significant contract increases across the board and everything in between). Therefore the statement about ACV should be cautious (though it should be more specific and detailed!). One positive we know is that both Amazon and FPL (their largest customer) signed significant new 7 figure deals in the last quarter, and FPL's was for a new service area on top of others already in place (maybe some of these are in the renewal process?) How likely is it, that at the same time they make significant progress with blue chip clients like this, especially FPL, that they also end up losing a significant number of existing contracts with other utilities? It's obviously possible, and the share price action doesn't provide any confidence, but the Amazon and FPL contracts surely provide some level of validation and likelihood of future success.
But look, even if the ACV is completely legitimate and maintained around that US$20 million range, a significant recovery in share price will only happen with evidence of further growth beyond that.
