First mover advantage in a niche, rapidly growing market, with a strong network effects moat and strategic customers, partnerships, and a quality, experienced management team with skin in the game. To all this, add strong tailwinds across defence and cybersecurity sectors, with the 2 upcoming quarters historically been when bigger deals are locked away.
There's obviously still risk inherent, but that's my take in a nutshell.
The rapidly growing ARR looks nice optically, but as has been mentioned numerous times, coming off a very low base.
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