Whatever earnings they report this year is going to significantly under-bake their latent earnings power because of the transition and ramp to subscriptions - they might only book something like ~$10m of recurring subscription revenue through the P&L (started the year with ~$4m ARR, currently at ~$11m, assume they finish at ~$15m which would be a linearly interpolated average of ~$10m across the year), but they're on track to sell >$30m TCV this year.
The gap between the run-rate at which they're selling (TCV) and what's going through the P&L (ARR) will take a few more years to close given average contract length of ~3 years, but suffice to say that, extrapolating current trends, what will emerge on the other side of the transition will be worth waiting for.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)