I agree with your points but we may not even need to be cash...

I agree with your points but we may not even need to be cash flow positive.
Just revenue confirming what the contracts are suggesting.

Cash flow positive is over-rated. If the company begins expanding (let's say because their push aggressively into a construction sector) and their R&D and hiring doubles, they could well be cash flow negative for quite a while yet.
What we want to see is increasing revenue that 'proves' the contracts are resulting in sales. It's one thing to get a name on a piece of paper, but it's a lot better when the cash is in the bank.