I guess it's all about perspective. Bearish- Case 1: LVT continue to grow marginally less than what is needed to reach ARR 100m by 2021 (agree this quarter is a bit slower than marginally less, however emphasis on GROWTH), while this would be disappointing they didn't reach their target, the companies value is still going to be considerably more than it is today, and they will get to 100m ARR but maybe just a quarter or two later (no big deal really in the scheme of company valuation for their operations). if they are at 90-95m ARR by June 2021, the growth is still significant and the valuation will be considerably higher than today's prices..
Bullish Case 2: LVT reach their target of ARR 100m, which will be demonstrated through increasingly larger contract sizes/customers as the product becomes even more validated, as well as more customers.
Regardless of which case, I suspect that COA will decrease YOY which will be further favourable for profit margins and convincing those that are speculative if they aren't reaching their ARR that they're in the right direction
