)yes plenty of uncertainty about the future revenue potential....

)

yes plenty of uncertainty about the future revenue potential. With 50% in SAAS or therefore $250m p.a. after new sales mature in 5 years, which has been typically 8% of initial sales value, they would need about $3bn in new sales over the coming 5 year period, or an average of $475m a year (after deducting the average SAAS of $125m p.a.). As they are not forecasting this, and they get repeat orders, it suggests the SAAS component will be increasing in percentage terms going forward, which aligns with Oleg's aside comments to JANA recently.

Anywhere near the $100m-300m of annual sales a year at least justifies the MC, and probably justifies the 85c sort of target bandied about. I still think the most logical outcome is a near term friendly takeout by one of the larger military companies, who can afford to pay the $500m needed to do, because things can be accelerated.