I think your analysis is solid Rexxar and asking all the right questions IMO.
Without having anything of substance to back this up, I would attribute the backlog decrease to spending more time chasing the bigger custom projects - IC, SQ etc and not focusing on SPS units. Likely then that with a focus on SPS the backlog/customer orders will grow. Sadly, without evidence from FLC themselves I have no idea how to verify what I recognise is a fairly hopium filled belief.
Personally I am giving it two quarters with Richard at the helm and then reassessing.
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