Apr. 5 at 12:42 PM
$CTM CTM 8-Quarter Trend = what the market is missing
Revenue:
→ ~
$9–10M →
$14.6M peak →
$12.6M
→ ~+40% step-up, new operating range established
Backlog:
→ ~
$80–90M →
$258M
→ ~3x in 8 quarters
What matters:
• Funded backlog flat (
$12–18M) = execution
• Growth driven by **priced options (
$204M)**
Translation:
✔ revenue is being converted
✔ pipeline expanding faster than reported numbers
Gov contracting = timing noise
Backlog = forward signal
Market pricing:
→ current revenue
Ignoring:
→ multi-year embedded growth
Setup: revenue catch-up + rerate potential
Not financial advice, do your DD.