Seb has a point. If the TAM is actually $200m and the SP is...

Seb has a point.

If the TAM is actually $200m and the SP is "cheap buying" and the "J Curve" is "close", then management should be accumulating extra stock at these levels. There's really no reason why you wouldn't be if the growth potential is real.

I do believe Archtis have a great product and solve a real problem. Their $4m ARR & minimal churn is proof of that. But they do need to start executing more deals. The SP is at 52 week lows because they're not landing deals and not growing ARR. Bottom line.

ARR hasn't grown much in over 2 years.

With all that said, I do think the future is bright and the deals will come and I do think they're managing the cash well. It's now somehow August with no CR this year. That's proof they're trying. But they can only kick the can so long. Their deal velocity needs an uptick asap.