Yes there is a disconnect between what to expect and what is...

Yes there is a disconnect between what to expect and what is actually happening. Here's why.

There are 4 items running off different timelines
1) expected revenue - when CCR win a customer they announce a $ value of what that win is worth - in the form of ARR - the first 3 months there is zero of that revenue; then a pilot amount for the next 3 months; then increasing to true value from 6 months to 12 - so, initially this is a forecast! That becomes real over time.
2) actual revenue - this is the money coming in and captured in the quarterly - this number lags new business wins by at least 6 months - today's quarterly is just starting to include new business won 2 quarters ago
3) cleaning up - CCR let go of a sizeable amount of 'unprofitable' revenue - so while on the one hand new revenue has been added - on the other, unprofitable revenue has been removed - the nett effect is to effectively keep revenue where it is - importantly this is a one time process - so should not occur going forwards
4) seasonality - there is a degree of seasonality to their revenue - some quarters are busier than others - so you can't simply expect every customer to spend the same each quarter

The overall effect of all this has been to keep revenues flat - but improve margins - I wish they had spoken to margins in the quarterly - we need to understand this better

The new business wins announced are impressive - winning the big 4 bank is a massive tick

I see this quarterly as ground zero - the company is now fully set up - it has proven products; proven customers; a new base for profitable pricing; a solid team; ...

Now let's see how fast they can grow